topic How To Prioritize Emergency Funds, Savings and Paying Off Debt in Debt management https://ttlc.intuit.com/community/lower-your-debt/discussion/how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/59#M720 <P><span class="lia-inline-image-display-wrapper lia-image-align-center" image-alt="FeaturedContent_Debt_Prioritize.jpg" style="width: 653px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/33i16D6F22744CB2B23/image-size/large?v=1.0&amp;px=999" title="FeaturedContent_Debt_Prioritize.jpg" alt="FeaturedContent_Debt_Prioritize.jpg" /></span></P> <P><TIME datetime="2016-04-13T08:00:52+00:00">Apr 13, 2016</TIME><SPAN>&nbsp;/ By&nbsp;</SPAN><A title="Posts by Zina Kumok" href="https://blog.mint.com/author/zina-kumok/" rel="author" target="_blank">Zina Kumok</A>&nbsp;</P> <P>&nbsp;</P> <P>We all want to be more responsible with our money. While that sounds great in theory, it can get confusing once you start to break things down. Emergency funds, savings funds and debt all need to be addressed regularly, but trying to figure out a consistent method leaves some paralyzed with indecision.</P> <P>&nbsp;</P> <P>One of the problems that tends to trip people up is prioritization. Allocating your finances to the right place is crucial, but how do you decide how much to put towards any one purpose? How can you cut through the confusion and get your finances on the right track?</P> <P>Read on for our tips.</P> <H6>&nbsp;</H6> <H2>1.&nbsp;&nbsp; Save a Mini-Emergency Fund</H2> <H6>&nbsp;</H6> <P>You need to save at least a partial emergency fund first. If you don’t have one and have to face a crisis, you’ll probably need to borrow the money. That means you’ll end up in more debt – whether you owe a family member or a credit card company.</P> <P>&nbsp;</P> <P>A basic emergency fund should be around $1,000. That will cover minor emergencies like new tires after your car has a blowout on the highway, last-minute plane tickets to a funeral, or a brief ER visit.</P> <P>&nbsp;</P> <P>Each time you deplete your emergency fund, halt any other debt-reducing or saving until you build it back up. Once you’re debt free, you can focus on building a more substantial emergency fund, covering between three to six month’s worth of expenses.</P> <H6>&nbsp;</H6> <H2>2.&nbsp;&nbsp; Refinance Debt</H2> <H6>&nbsp;</H6> <P>Before you start paying off your debt, you should find other ways to reduce it. If you have high-interest credit card debt, do a balance transfer onto an account with a 0% offer. See if you can refinance to get a lower interest rate for your other debt, including car loans, mortgages and student loans.</P> <P>&nbsp;</P> <P>When you refinance, make sure that your new loan doesn’t extend your terms. The longer your loan, the more you’ll pay in interest. You should use the refinance as an opportunity to save money, not spend more of it.</P> <P>&nbsp;</P> <P>After you refinance, keep making the same payments you were previously. Doing so will shorten how quickly you pay off your debt without forcing you to make any changes to your lifestyle.</P> <H6>&nbsp;</H6> <H2>3.&nbsp;&nbsp; Focus on Saving</H2> <H6>&nbsp;</H6> <P>The general rule of thumb is that you should put between 10-15% of your income towards retirement. While some people advocate for focusing all your efforts on debt payoff, putting money toward retirement now can save you money later.</P> <P>&nbsp;</P> <P>Why? Because saving for retirement is designed to be a long-term approach, and the most important aspect of saving for retirement is time. The more time you spend saving, the more you’ll have – simple as that. That’s why putting a little bit away for 40 years is better than putting a lot away for 20.</P> <P>&nbsp;</P> <P>“A 28 year-old that saves $5,000 a year into a retirement account – if they average 8% and retire at age 68 – should earn approximately $1,295,000,” said CFP Peter Creedon of<SPAN>&nbsp;</SPAN><A href="http://crystalbrookadvisors.com/" target="_blank">Crystal Brook Advisors</A>. “To match the $1,295,000, a 40 year old would have to contribute $13,583 a year until retirement if we use the above parameters.”</P> <H6>&nbsp;</H6> <H2>4. Create a Debt Payoff Plan</H2> <H6>&nbsp;</H6> <P>Once you’ve started saving for retirement, you should focus on becoming debt free and creating more money to throw at that debt. There are two ways to do this – lower your living expenses or increase your income.</P> <P>&nbsp;</P> <P>You can increase your income by asking for a raise, finding a new job or starting a side gig. Working an extra 10 hours a week at $10 an hour will yield about $400 a month before taxes.</P> <P>&nbsp;</P> <P>To decrease how much you need to live on, you should find areas of your budget that you can cut. Do you eat out too often or have a yoga studio membership that goes unused? Are you paying too much for car insurance or internet? Take the money that you cut from your budget and apply that to your debt payments.</P> <P>&nbsp;</P> <P>You can pay off your debt with one of two strategies – the snowball or the avalanche method (more on that later this week).</P> <P>&nbsp;</P> <P>Once you’ve paid off your debt, put the money you were spending on monthly payments and beef up your emergency fund. Now you’ll be saving for yourself and your future instead of paying off old debt.</P> <P>&nbsp;</P> <P><EM>Zina Kumok is a freelance writer specializing in personal finance. A former reporter, she has covered murder trials, the Final Four and everything in between. She has been featured in Lifehacker, DailyWorth and Time. Read about how she paid off $28,000 worth of student loans in three years at&nbsp;<A href="http://www.debtfreeafterthree.com/" target="_blank">Debt Free After Three.</A></EM></P> Tue, 13 Mar 2018 05:21:00 GMT MariP 2018-03-13T05:21:00Z How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/59#M720 <P><span class="lia-inline-image-display-wrapper lia-image-align-center" image-alt="FeaturedContent_Debt_Prioritize.jpg" style="width: 653px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/33i16D6F22744CB2B23/image-size/large?v=1.0&amp;px=999" title="FeaturedContent_Debt_Prioritize.jpg" alt="FeaturedContent_Debt_Prioritize.jpg" /></span></P> <P><TIME datetime="2016-04-13T08:00:52+00:00">Apr 13, 2016</TIME><SPAN>&nbsp;/ By&nbsp;</SPAN><A title="Posts by Zina Kumok" href="https://blog.mint.com/author/zina-kumok/" rel="author" target="_blank">Zina Kumok</A>&nbsp;</P> <P>&nbsp;</P> <P>We all want to be more responsible with our money. While that sounds great in theory, it can get confusing once you start to break things down. Emergency funds, savings funds and debt all need to be addressed regularly, but trying to figure out a consistent method leaves some paralyzed with indecision.</P> <P>&nbsp;</P> <P>One of the problems that tends to trip people up is prioritization. Allocating your finances to the right place is crucial, but how do you decide how much to put towards any one purpose? How can you cut through the confusion and get your finances on the right track?</P> <P>Read on for our tips.</P> <H6>&nbsp;</H6> <H2>1.&nbsp;&nbsp; Save a Mini-Emergency Fund</H2> <H6>&nbsp;</H6> <P>You need to save at least a partial emergency fund first. If you don’t have one and have to face a crisis, you’ll probably need to borrow the money. That means you’ll end up in more debt – whether you owe a family member or a credit card company.</P> <P>&nbsp;</P> <P>A basic emergency fund should be around $1,000. That will cover minor emergencies like new tires after your car has a blowout on the highway, last-minute plane tickets to a funeral, or a brief ER visit.</P> <P>&nbsp;</P> <P>Each time you deplete your emergency fund, halt any other debt-reducing or saving until you build it back up. Once you’re debt free, you can focus on building a more substantial emergency fund, covering between three to six month’s worth of expenses.</P> <H6>&nbsp;</H6> <H2>2.&nbsp;&nbsp; Refinance Debt</H2> <H6>&nbsp;</H6> <P>Before you start paying off your debt, you should find other ways to reduce it. If you have high-interest credit card debt, do a balance transfer onto an account with a 0% offer. See if you can refinance to get a lower interest rate for your other debt, including car loans, mortgages and student loans.</P> <P>&nbsp;</P> <P>When you refinance, make sure that your new loan doesn’t extend your terms. The longer your loan, the more you’ll pay in interest. You should use the refinance as an opportunity to save money, not spend more of it.</P> <P>&nbsp;</P> <P>After you refinance, keep making the same payments you were previously. Doing so will shorten how quickly you pay off your debt without forcing you to make any changes to your lifestyle.</P> <H6>&nbsp;</H6> <H2>3.&nbsp;&nbsp; Focus on Saving</H2> <H6>&nbsp;</H6> <P>The general rule of thumb is that you should put between 10-15% of your income towards retirement. While some people advocate for focusing all your efforts on debt payoff, putting money toward retirement now can save you money later.</P> <P>&nbsp;</P> <P>Why? Because saving for retirement is designed to be a long-term approach, and the most important aspect of saving for retirement is time. The more time you spend saving, the more you’ll have – simple as that. That’s why putting a little bit away for 40 years is better than putting a lot away for 20.</P> <P>&nbsp;</P> <P>“A 28 year-old that saves $5,000 a year into a retirement account – if they average 8% and retire at age 68 – should earn approximately $1,295,000,” said CFP Peter Creedon of<SPAN>&nbsp;</SPAN><A href="http://crystalbrookadvisors.com/" target="_blank">Crystal Brook Advisors</A>. “To match the $1,295,000, a 40 year old would have to contribute $13,583 a year until retirement if we use the above parameters.”</P> <H6>&nbsp;</H6> <H2>4. Create a Debt Payoff Plan</H2> <H6>&nbsp;</H6> <P>Once you’ve started saving for retirement, you should focus on becoming debt free and creating more money to throw at that debt. There are two ways to do this – lower your living expenses or increase your income.</P> <P>&nbsp;</P> <P>You can increase your income by asking for a raise, finding a new job or starting a side gig. Working an extra 10 hours a week at $10 an hour will yield about $400 a month before taxes.</P> <P>&nbsp;</P> <P>To decrease how much you need to live on, you should find areas of your budget that you can cut. Do you eat out too often or have a yoga studio membership that goes unused? Are you paying too much for car insurance or internet? Take the money that you cut from your budget and apply that to your debt payments.</P> <P>&nbsp;</P> <P>You can pay off your debt with one of two strategies – the snowball or the avalanche method (more on that later this week).</P> <P>&nbsp;</P> <P>Once you’ve paid off your debt, put the money you were spending on monthly payments and beef up your emergency fund. Now you’ll be saving for yourself and your future instead of paying off old debt.</P> <P>&nbsp;</P> <P><EM>Zina Kumok is a freelance writer specializing in personal finance. A former reporter, she has covered murder trials, the Final Four and everything in between. She has been featured in Lifehacker, DailyWorth and Time. Read about how she paid off $28,000 worth of student loans in three years at&nbsp;<A href="http://www.debtfreeafterthree.com/" target="_blank">Debt Free After Three.</A></EM></P> Tue, 13 Mar 2018 05:21:00 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/59#M720 MariP 2018-03-13T05:21:00Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/7976#M721 I don't have any Emergency fund to pay off my debt Wed, 05 Dec 2018 23:40:22 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/7976#M721 Renada89 2018-12-05T23:40:22Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/12043#M722 <P>I suddenly had to buy a new water heater for my house. I have no emergency fund. Never been able to get one.</P> Sun, 10 Feb 2019 21:23:37 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/12043#M722 Legoge47 2019-02-10T21:23:37Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/21845#M723 Great advice! Wed, 03 Apr 2019 23:20:16 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/21845#M723 Ashham77 2019-04-03T23:20:16Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/25518#M724 <P>Start an emergency fund by putting as little as $25.00 a paycheck into a fireproof lock box at home or a savings account at the bank. Never, never, never use it unless it is a true emergency.</P> Fri, 24 May 2019 13:23:40 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/25518#M724 right22b 2019-05-24T13:23:40Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/27680#M725 <P>To pay off your debt make monthly payment plus next month's interest if you can this will help pay off your principal balance faster.&nbsp; Don't put money in a bank savings account too many fees and very low interest, better bet is a Money Market account. I have been asked by many what is a Money Market Account? A Money Market Account is basically a savings account but earns higher interest rates. It's a good place to put an emergency fund in with at least 6 months of your monthly take home income into. Another great way to save is to start with a $1.00 or $5.00 every week and double that amount you have the next week for the entire year. Ex. $1.00 to $2.00 to $4.00 to $8.00 etc.&nbsp;</P> Fri, 13 Mar 2020 12:53:00 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/27680#M725 Buckfan 2020-03-13T12:53:00Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/806879#M804 <P>This article is written for people who are still employed. We are retired and squeeze through each month financially. We have no emergency fund. In addition, we have no savings. Fortunately, the debt we are paying off is informal. It is to 'benefactors' but not to any companies. Our 'contract' is word of mouth and friendly. It is not on our credit report.&nbsp;<BR />At our age, life can be short and we wish to save for some pleasurable things in addition to covering for emergencies and debt pay off. We just can't seem to get over the hump of living barely from month to month.<BR />We sure could use some suggestions. BTW we have around 800 plus credit scores.</P> Tue, 11 Jun 2019 08:28:45 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/806879#M804 Alison 2019-06-11T08:28:45Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/816449#M808 <P>A quick way to save up cash is to sock away $5 bills into a coffee can everytime you have one.&nbsp; It is amazing how quick it adds up and you don't really miss it.&nbsp; I typically save $ 600-700 per year doing this.&nbsp; It can be a mini emergency fund.</P> Tue, 18 Jun 2019 18:15:29 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/816449#M808 Ole 2019-06-18T18:15:29Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/819133#M811 <A href="https://www.daveramsey.com/dave-ramsey-7-baby-steps" target="_blank">https://www.daveramsey.com/dave-ramsey-7-baby-steps</A> Mon, 24 Jun 2019 11:25:50 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/819133#M811 JRay 2019-06-24T11:25:50Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/820627#M815 <P>Hi Renada89 - An emergency fund should not be used for anything... except an emergency.&nbsp;</P><P>&nbsp;</P><P>But what is considered an emergency you ask?&nbsp; Your hot water tank suddenly quits working one morning and you need to buy a new one and replace it, or your child becomes ill late at night and you have to make an emergency trip to the hospital or a stand alone 24 hour Emergent Care facility, or your tire catches a nail and you need to buy a brand new tire because fix-a-flat won't work.&nbsp; These are emergencies.&nbsp;</P><P>&nbsp;</P><P>The urgent need to pay off debt may feel like an emergency, but is isn't. If you want to pay off your debt as quickly as possible,&nbsp;</P><OL><LI>create a zero-based budget where income - expenses = zero</LI><LI>as quick as you can save $1000 if married or $500 if single for a starter emergency fund</LI><LI>list your debts, least to greatest without regard for interest rate</LI><LI>throw all available money at the smallest debt while making minimum payments on the others</LI><LI>as soon as the smallest debt is paid off, take all that money and throw it at the next debt to pay it off as quickly as possible while continuing to make minimum payments on the others and so on. This is called a snowball effect. As debt begins to get paid off, momentum will pick up with downward speed like a snowball.&nbsp;</LI></OL><P>At it's core, getting rid of debt and staying out of debt is mostly about behavior.&nbsp;</P> Thu, 27 Jun 2019 12:46:11 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/820627#M815 KristineS5 2019-06-27T12:46:11Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/820641#M816 <P><LI-USER uid="61735"></LI-USER>&nbsp;</P><P>&nbsp;</P><P>Sorry to hear you are barely living month to month. Sadly, you are not alone. Statistically, 70% of Americans are in the same boat.&nbsp; The good news is, you can change this. It is never to late to change or start something new. You can do it!</P><P>&nbsp;</P><P>I don't know what age you are or anything else about your financial situation, but the same rules apply to you as to anyone else. One or both of two things must happen to accomplish your goal of saving for emergencies and savings in general, and paying off debt.&nbsp;</P><P>&nbsp;</P><P>Expenses must be cut. Income must increase.</P><P>&nbsp;</P><P>Again, I do not know anything about your financial situation, but those two things apply across the board in general. &nbsp;<SPAN>Here are some suggestions and while they may seem obvious, they bear being said:</SPAN></P><P>&nbsp;</P><P><SPAN>Do you use credit cards? If so, I recommend you stop and pay cash for what you buy.</SPAN></P><P>Do you have car payments you cannot afford? You may need to get rid of a car.</P><P>Is your mortgage and property tax or rent greater than 30% of your take home pay? Least desirable, but you may need to move</P><P>Do you dine out frequently or cook most of your meals at home?&nbsp; Cooking at home is always cheaper</P><P>Do you impulse buy or buy things you want but don't need?&nbsp; This will kill your ability to save as you want</P><P>&nbsp;</P><P>Are you on a budget? Do you create a written (or electronic) budget every month before the beginning of the month where income minus expenses = zero? This is called a zero based budget. Your budget must balance at exactly zero.&nbsp; This does not mean zero dollars in the bank. It means income and expenses match exactly. Trim all unnecessary expenses. What is necessary may be up for debate, but generally speaking the only things we need are shelter and utilities, food, basic clothing, and transportation.&nbsp; I call these the four walls. Always make these your first priority in your budget. Always. Prioritize from there.&nbsp;</P><P>&nbsp;</P><P>Second, as quick as you can save $1000 for an emergency starter fund. Sell stuff you don't need, work a part-time job.</P><P>&nbsp;</P><P>Third, list your debts least to greatest without regard to interest rate.&nbsp; Take all available money from your streamlined budget and throw it at the smallest debt to pay it off while making minimum payments on the other debt.&nbsp; When the first debt is paid, move to the second debt and throw all money at that debt while making minimum payments on the others. This is a debt snowball and will gain momentum as it rolls downhill. The psychological value of paying off debt will encourage you to push forward!&nbsp;</P><P>&nbsp;</P><P>The above works. I know because I've done it. Not saying it is easy, but if you are willing to make some sacrifices - most people do to accomplish their goals - you can do this!</P><P>&nbsp;</P> Thu, 27 Jun 2019 13:10:43 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/820641#M816 KristineS5 2019-06-27T13:10:43Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/822619#M822 Perfect! Exactly how it works! Good post! Mon, 01 Jul 2019 22:41:57 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/822619#M822 Deb T 2019-07-01T22:41:57Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/822807#M824 I honestly had the hardest time saving for the longest time. Anytime that I noticed myself with anymore than $200 and I knew my next check was a few days away, I would blow that on whatever I felt "needed" or denied myself. Eventually, I found myself taking my tips, bundling them up, and putting them in a safe place. I wouldn't touch it unless it was an absolute emergency. The upside is that I managed to save over $1000 in a little iver 6 months. The downside, however, is that I never knew how much I had saved, which is never a good feeling. In the end, I've now picked up a second iob, a budget, and a new saving method: quarters. The reason I save my quarters is because in my line of work, people tell me to "keep the change" more often than not. After so many months of that, I managed to comfortably set aside another emergency fund that continues to grow without a noticeable change to my income/spending habits. I think everyone can find something to that effect that may just help them set a little aside when they can. Tue, 02 Jul 2019 06:42:24 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/822807#M824 Cairo 2019-07-02T06:42:24Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/823318#M825 <P><LI-USER uid="373894"></LI-USER>&nbsp; Good for you!&nbsp; That is great to hear.</P><P>&nbsp;</P><P>So much of what we choose to do with our money comes down to behavior.&nbsp; And our behavior is more often than not driven by our emotions.&nbsp; Good for you on choosing to be disciplined to save. &nbsp;</P> Wed, 03 Jul 2019 12:50:13 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/823318#M825 KristineS5 2019-07-03T12:50:13Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/824553#M834 <P>These suggestions work better the younger a person is and the more gainfully employed a person is. Personally, for a senior living on a fixed, limited income who barely makes ends meet, I do not find most of these suggestions especially pertinent. For example, here are my specific reactions to your suggestions:<BR />1. Save a mini emergency fund of $1,000. HOW CAN WE DO THAT?<BR />These days $1,000. might as well be a million dollars. There are constant emergencies i.e. car repairs on our 2003 vehicle. We have to come up with loans for that. A new A/C unit was needed when we moved from a studio apt to a one bedroom. We actually had to seek assistance from a nonprofit community organization for that.<BR />2. Fortunately, we do not have any debt that is official. We have an informal payment plan for services and purchases that we pay down monthly. So there is no need for us to refinance credit card debt.<BR />3. Focus on&nbsp; Saving<BR />How can we save when we barely make ends meet on a monthly basis? I admit that we do make self-indulgent purchases. But they are small and one of the few pleasures we have in life. Even though it would be a good habit to save even $5-10/month, that will not take us very far. So we've opted for the short term pleasure of small purchases rather than the long term goal like investing in a hobby or taking a vacation.<BR />4. Create A Debt Payoff Plan<BR />As I mentioned in&nbsp;#2, we have our informal arrangement for a debt payoff plan. Although we have been diligent with it, I find that the suggestions your article makes are clearly for much younger people.<BR />In conclusion, we were Middle Class, gainfully employed, living in a house, owning two cars free and clear, and having investments. Then 2008 came. We lost just about everything. As a result, we went 'from Middle Class to One Day From Homeless'. To find out more, go to our story in a <A title="The Former Middle Class eBook Series by Alison D. Gilbert" href="https://www.amazon.com/s?k=Alison+D.+Gilbert&amp;rh=n%3A154606011&amp;ref=nb_sb_noss" target="_blank" rel="noopener">a three eBook Amazon Kindle series, The Former Middle Class eBook Series.</A></P> Sun, 07 Jul 2019 06:21:00 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/824553#M834 Alison 2019-07-07T06:21:00Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/824554#M835 <P>These suggestions work better the younger a person is and the more gainfully employed a person is. Personally, for a senior living on a fixed, limited income who barely makes ends meet, I do not find most of these suggestions especially pertinent. For example, here are my specific reactions to your suggestions:<BR />1. Save a mini emergency fund of $1,000. HOW CAN WE DO THAT?<BR />These days $1,000. might as well be a million dollars. There are constant emergencies i.e. car repairs on our 2003 vehicle. We have to come up with loans for that. A new A/C unit was needed when we moved from a studio apt to a one bedroom. We actually had to seek assistance from a nonprofit community organization for that.<BR />2. Fortunately, we do not have any debt that is official. We have an informal payment plan for services and purchases that we pay down monthly. So there is no need for us to refinance credit card debt.<BR />3. Focus on&nbsp; Saving<BR />How can we save when we barely make ends meet on a monthly basis? I admit that we do make self-indulgent purchases. But they are small and one of the few pleasures we have in life. Even though it would be a good habit to save even $5-10/month, that will not take us very far. So we've opted for the short term pleasure of small purchases rather than the long term goal like investing in a hobby or taking a vacation.<BR />4. Create A Debt Payoff Plan<BR />As I mentioned in&nbsp;#2, we have our informal arrangement for a debt payoff plan. Although we have been diligent with it, I find that the suggestions your article makes are clearly for much younger people.<BR />In conclusion, we were Middle Class, gainfully employed, living in a house, owning two cars free and clear, and having investments. Then 2008 came. We lost just about everything. As a result, we went 'from Middle Class to One Day From Homeless'. To find out more, go to our story in&nbsp;<A title="The Former Middle Class eBook Series by Alison D. Gilbert" href="https://www.amazon.com/s?k=Alison+D.+Gilbert&amp;rh=n%3A154606011&amp;ref=nb_sb_noss" target="_blank" rel="noopener">a three eBook Amazon Kindle series, The Former Middle Class eBook Series.</A></P> Sun, 07 Jul 2019 06:21:52 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/824554#M835 Alison 2019-07-07T06:21:52Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/824558#M836 <P><SPAN class=""><A href="https://ttlc.intuit.com/community/user/viewprofilepage/user-id/351141" target="_self">KristineS5</A>&nbsp;In theory, some of what you say makes sense. But there is one major point that does not work for us. It also is the foundation of our expense reduction program. The 'responsible and profitable' use of credit cards is essential to our lives.<BR /><BR />The system I have developed for us is not easy and not doable for many people. But it is actually a 'part-time job' for me. The fact that I have over an 800 credit score means I am doing something right. Between new card promotional bonuses and cash rewards, our expenses are reduced by about $100/month.<BR /><BR /></SPAN>We are seniors in our 70s with much less energy to be physically productive. So we need to look at life differently and take different actions.&nbsp;<BR /><BR />I'm not saying we have it down perfect or that there is no room for improvement. There always is room to learn and grow. But given where the ball landed in 2008 into 2009, 'From Middle Class to One Day from Homeless', we are building a new life with very different 'rules' from the other life we had before.</P> Sun, 07 Jul 2019 06:39:29 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/824558#M836 Alison 2019-07-07T06:39:29Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/828085#M838 Hi I’m 31, have worked constantly since I was 16 years old. I have never had an emergency fund it seems like a pipe dream to me. I have had to live paycheck to paycheck every day of my adult life. The one time I did actually have decent credit, tragedies happened and forced me to use my credit cards to provide for my family. Now I am riddled with crushing debt, barely scraping by every month(coin star king). Oh on top of that I was let go from 2 jobs in 1 month and was late on rent. Now my family has received our final eviction notice and have 48 hours before the sheriffs will throw us out in the street. There is no emergency fund. Sun, 14 Jul 2019 16:44:12 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/828085#M838 Kaiweezy 2019-07-14T16:44:12Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/847119#M877 <P>It’s almost impossible to save anything with rents so ridiculous. But my method of madness has always been to give up food if I want to attend a concert. (We don’t have any extras like cable, home phone, internet.) When I fell a bit short for my last field trip, I thought ‘Hey, if I can give up food for a few more months, I won’t owe anyone a cent!’ <span class="lia-unicode-emoji" title=":beaming_face_with_smiling_eyes:">😁</span><span class="lia-unicode-emoji" title=":musical_notes:">🎶</span><span class="lia-unicode-emoji" title=":thinking_face:">🤔</span></P> Sat, 31 Aug 2019 23:36:13 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/847119#M877 CountryGirl28 2019-08-31T23:36:13Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/850503#M884 <P>You say you're retired, and I know the last thing you want to hear is to maybe go back to work. But consider a part time job at a hobby shop or home improvement store. Even 10 hours a week can add up at the end of the month especially if you both find something. Not to mention the discounts, try to get a simple job at a place you regularly shop at already, the discount could pay back quite a bit.&nbsp;</P> Wed, 11 Sep 2019 01:03:16 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/850503#M884 Mausi 2019-09-11T01:03:16Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/850996#M885 <P>&nbsp;Can closed accounts be removed&nbsp;</P> Thu, 12 Sep 2019 02:11:52 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/850996#M885 Movingup100 2019-09-12T02:11:52Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/853218#M886 <P>That was my problem i e dipping into savings until I opened an investment account at Schwab. A trade in my preferred stock EAST will total plus or minus $50 including the $5.00 broker commission and if I budget $30/mo it will build without easy access.</P> Wed, 18 Sep 2019 03:09:13 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/853218#M886 _D 2019-09-18T03:09:13Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/853220#M887 <P>That was my approach as well but alas I am a compulsive eater so I. started going to the State Food Bank to save money for saving which translates to I owe Meals and Wheels $7K (an option if you are old as whilst they bill you, they don’t stop your lunches if you can’t pay) and &nbsp;stingy I.e. 10% tithe to St Andrew’s Episcopal Church for the food bank and the point is make a budget and do without to save money. &nbsp;As needy as I am, it’s the only way.</P> Wed, 18 Sep 2019 03:20:14 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/853220#M887 _D 2019-09-18T03:20:14Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/856843#M893 <P>Does anybody have a recommendation on a good debt consolidation company that will gather up $10,000 in debt and allow me to make one monthly payment for it all? Any comments appreciate.</P> Sat, 28 Sep 2019 07:24:29 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/856843#M893 Shayperkins1 2019-09-28T07:24:29Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/857521#M894 Mon, 30 Sep 2019 12:09:49 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/857521#M894 Chillywill70 2019-09-30T12:09:49Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/859899#M900 <P>I have found the best way to save is do set up an auto save type account. Like a roll-up. Fir example if I spend $25.67 it auto-rolls up my debit card payment to $27 - and puts the $0.33 in an account. &nbsp;There are multiple apps that can help with these. Stash, Acords, Robinhood (I use all three)</P><P>There are also apps for rainy day fund and student loan (Chipper and Digit) payoffs that roll-up too. &nbsp;It’s minor amount each transaction. But over this year I’ve saved/invested nearly $11k in rollover funds. I say invested because some use your roll-over money to invest in small amounts of stocks - which can also help by paying off dividends.&nbsp;<BR />fir example I have 1 share of KO (Coca-cola) in Robinhood app. Last time I got a payment back of 1.06 in dividend ‘free’ money - the. I reinvest.&nbsp;<BR />just ideas that with four ideas that work for me.&nbsp;<BR />Kirk&nbsp;</P> Sat, 05 Oct 2019 12:33:04 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/859899#M900 K69ace 2019-10-05T12:33:04Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/865984#M904 <P><FONT size="2">I started a savings account through the company’s preferred bank I put30.00 in it</FONT></P><P><FONT size="2">monthly</FONT></P><P><FONT size="2">i never use it and into second year I have 600.00 for an emergency fund&nbsp;</FONT></P> Mon, 14 Oct 2019 22:43:24 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/865984#M904 Ivansnickers 2019-10-14T22:43:24Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/950922#M911 <P>With an 800+ credit score you could probably charge others for a tradeline.</P> Tue, 05 Nov 2019 03:54:13 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/950922#M911 OfficerTooCool 2019-11-05T03:54:13Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/951798#M912 <P>Good info in general<span class="lia-unicode-emoji" title=":thumbs_up:">👍</span></P><P>Just a few thoughts/hindsight from content I have gathered, in Podcasts/Books including (JL Collins/Ramit Sethi/Choose Fi/Dave Ramsey/The mad Fi-entist/The money guy show/Chris Hogan/John C. Bogle) Who all have fantastic and unique angles on personal finance/investing.</P><P>1.&nbsp;&nbsp; Save a Mini-Emergency Fund</P><P>Absolutely a cornerstone.Not one of the experts stated above will disagree.As Uncle Dave would put it "it keeps murphy from knocking on the door". It was also in my case, the spark/challenge for me to actually "save" and alter my professional spending lifestyle.I worked to play,and burn up every paycheck on the next venture.Believe me there were a lot of bogus things that I just couldn't live without!!</P><P>EMERGENCIES ONLY!! I know that your favorite band is important too and need some support..Draw the line in the sand...</P><P>During this time, I also took the plunge to add up my total debt/net worth..Yikes.Needless to say,I also added up how much I paid in interest on "dumb debt"..And a spark turned into a small flame.No more!</P><P>Step 1 is a fantastic time to see where your at, good or bad..gather up every bill/cost/debt/headache.Bring it out of the darkness and lay it out.GET A PLAN to escape..Don't be like me,and wait until its a code red emergency!<span class="lia-unicode-emoji" title=":sad_but_relieved_face:">😥</span></P><P>&nbsp;</P><P>2.&nbsp;&nbsp; Refinance Debt</P><P>Ehhh..Sure.True,putting a bunch of small bags of debt into one big bag of debt,makes you less prone to forget or lose a debt bag along the way...Again True, a lower interest rate takes off a little weight on the consolidated ruck sack of debt.Nonetheless, you still have a bag of debt on your back.I targeted the "heaviest" little bags I could find..and made sure those left my bag first.The biggest takeaway I got from all this..I'm tired of packing a bunch of bogus weight on my back!</P><P>Now here's where the line gets drawn in the sand with #2...</P><P>"After you refinance, keep making the same payments you were previously. Doing so will shorten how quickly you pay off your debt without forcing you to make any changes to your lifestyle."</P><P>If your big and strong and you like packing heavy things around..Fantastic..But as you grow older..Its not all that fun anymore.This is the key time to alter your spending lifestyle and really question/challenge what is essential or not.</P><P>&nbsp;</P><P>3.&nbsp;&nbsp; Focus on Saving</P><P>All great things here..Dave Ramsey is big on 15%. savings..The FIRE guys are big on "as much as you can" so you can retire early.JL collins is "keep it simple" Ramit the same..John Bogle has forever changed and has been a blessing for us "average joes" with index funds.But my problem was..I owed everyone and their dog money plus interest.How can I invest!!?? Well if I could have invested what I paid in interest over the years into a Roth IRA...Sure would have been nice..<span class="lia-unicode-emoji" title=":downcast_face_with_sweat:">😓</span>Quit paying banks! Pay them off first.If you have a 16% interest credit card..Pay it off.Its a guaranteed ROI of 16% on your hard earned after taxes dollars that year with no capitol gains.Think about that one<span class="lia-unicode-emoji" title=":thumbs_up:">👍</span> Get your people paid off before you jump in head over heels investing.However if you company has a vested match...DO NOT leave money on the table.Although i'm not 100% out of debt..I will do whatever it takes to leave no "free money" on table. 4. Create a Debt Payoff Plan</P><P>I feel like this should be step #1..A PLAN! You cannot build/create or really do much without a plan.With a basic financial plan..Spending/Cutting costs/extra income are no brainers.. The debt snowball/avalanche is just a preference on how you would like to attack debt and win one cut at a time. How do you eat an elephant? One bite at a time.This was also a fun time for me personally to listen to the various experts strategy's and decide what fit me best.</P><P>&nbsp;</P><P>I am by no means a finance expert nor am I giving financial advise.I just started paying attention to the mud hole I was about to slide in. Sparks turn into flame,that turn into a large fire.Take control of your future! YOU are in control of more then you think..It took me too long to figure this out! Good luck<span class="lia-unicode-emoji" title=":thumbs_up:">👍</span></P> Thu, 07 Nov 2019 04:31:16 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/951798#M912 Hindsightistwenty20 2019-11-07T04:31:16Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/952650#M913 <P>There are many opportunities to make a little (or sometimes a lot) while working from home. If you have a hobby, you might make things like candles, soap or woodwork to sell on Etsy. If not, there are other jobs like data entry or telemarketing that you can do while making your own hours. Not as fun but money is money. The opportunities are there if you look for them! Best of luck!&nbsp;</P> Sat, 09 Nov 2019 01:44:56 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/952650#M913 Heartwing7 2019-11-09T01:44:56Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/956794#M921 <P><EM><STRONG>Great advice, thanks</STRONG></EM></P> Thu, 21 Nov 2019 03:32:45 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/956794#M921 Sassysue417 2019-11-21T03:32:45Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/957058#M922 <P>KristineS5 is correct. She is describing the Seven Baby Steps and this approach works. Not the Modified Baby Steps, not the Baby Steps with your own twist. Just like Dave Ramsey created them. It works. I went from negative net worth to millionaire in 9 years starting at the age of 52 using this method. Follow this path and you will prosper. <span class="lia-unicode-emoji" title=":thumbs_up:">👍</span></P> Thu, 21 Nov 2019 22:20:41 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/957058#M922 Grand Dude 2019-11-21T22:20:41Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/957059#M923 <P>Sounds like you have had a tough time. I am sorry. How old are you guys?</P> Thu, 21 Nov 2019 22:25:33 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/957059#M923 Grand Dude 2019-11-21T22:25:33Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/958356#M926 <P>I dont have an emergency fund. How do I budget one in with all my monthly expenses&nbsp;</P> Tue, 26 Nov 2019 00:27:46 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/958356#M926 Petchioski 2019-11-26T00:27:46Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/958359#M927 <P>Great I'll follow your advice</P><P>&nbsp;</P> Tue, 26 Nov 2019 00:29:16 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/958359#M927 Petchioski 2019-11-26T00:29:16Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/958364#M928 <P>You could try a loan also cut any unneeded expenses or spending then take that money and set it aside with the loan pay off your debt you owe keep the left over and pay your first payment and enjoy the rest</P> Tue, 26 Nov 2019 00:36:17 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/958364#M928 Petchioski 2019-11-26T00:36:17Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/966871#M939 <P>Fabulous article, because it offers realistic advice. So many articles on this topic make you feel bad about yourself and offer suggestions that are highly impractical. This &nbsp; &nbsp;piece reads like real-world advice from a non-judge mental friend. Thank you!&nbsp;</P> Wed, 18 Dec 2019 13:55:17 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/966871#M939 ELLSKIES 2019-12-18T13:55:17Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/967233#M940 <P>This is all great info. I do something similar but my savings for retirement and my emergency fun are one. I have 2000$ a month in bills, so when I get paid weekly, I apply whatever is needed that week to get my bill money back to 2000 and I put the rest in savings. Works really well for me. As for paying down cards I wish I could consolidate to lower interest but I am sort of stuck with them for the time being. So I pay off cards in the order of the lowest balance. Making double payments to those and paying the minimum + 15 to the rest. I have a little ways to go but baby steps are getting me there.</P> Thu, 19 Dec 2019 01:57:57 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/967233#M940 Romeyrome 2019-12-19T01:57:57Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/967483#M941 <P>The reason so many people live paycheck to paycheck is because we typically adjust our spending to our income.&nbsp; Make a little more - eat out a little more, get the better cable tv plan, a little nicer phone, a little nicer apartment, a little nicer car, whatever. Income is just like a house...no matter how big it is, we expand to fill it. Just a thought as I read some of the replies.&nbsp;</P> Thu, 19 Dec 2019 19:42:08 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/967483#M941 Milej66 2019-12-19T19:42:08Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/967700#M942 <P>So true!&nbsp;</P> Fri, 20 Dec 2019 02:39:20 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/967700#M942 ELLSKIES 2019-12-20T02:39:20Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/968365#M943 <P>Well I am 62.00 still working have Five more year for retirement still top shape what should I do I feel sorry might last be up to 90 I started save 4 month ago. Do help my children with large mount what advice do plan I should prioritize&nbsp;</P> Sat, 21 Dec 2019 23:53:28 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/968365#M943 Normachavira 2019-12-21T23:53:28Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/971503#M946 <P>&nbsp;I'm currently using Freedom Debt Relief for my credit cards.&nbsp;</P> Tue, 31 Dec 2019 06:44:40 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/971503#M946 Dwarf797 2019-12-31T06:44:40Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/979068#M947 <P>If I can make more money in the market than I'm paying as an interest rate on a loan (i.e., mortgage or car), isn't that a better use of the money than keeping money out of the market to pay off the debts?</P> Fri, 10 Jan 2020 20:33:22 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/979068#M947 mk617 2020-01-10T20:33:22Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/988748#M954 <P>yes I had to do the same many years ago.</P><P>MMI, (Money Management International).</P><P>They are the real thing, not scammers.&nbsp; They charge a very small fee.&nbsp; They will negotiate with debtors and you will never hear from them again and just pay your monthly bill to MMI and they distribute.</P><P>Good luck!&nbsp; You can do it!</P> Sat, 18 Jan 2020 00:49:56 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/988748#M954 Fasci 2020-01-18T00:49:56Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/988753#M955 <P>Take care of yourself.&nbsp; your kids are old enough to take care of themselves&nbsp;</P> Sat, 18 Jan 2020 00:52:28 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/988753#M955 Fasci 2020-01-18T00:52:28Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1032456#M973 <P><LI-USER uid="630616"></LI-USER>&nbsp; &nbsp;In order to save $1000 emergency fund, you will need to look at your expenses and determine what money can be used to fund an emergency fund.</P><P>&nbsp;</P><P>For instance - if you are eating out that money could be set aside in your emergency fund. Make ONLY minimum payments on your debt, funnel all other money into the emergency fund.</P><P>&nbsp;</P><P>What can you sell to make extra money? Some of my clients sell plasma twice a week. Others change their cell phone plan to save money and fund this emergency fund. Pick up an extra part-time job to bring in extra money. Are you crafty or can you offer a service to earn add'l money?&nbsp;</P><P>&nbsp;</P><P>Those are just a few possibilities to fund this.&nbsp;&nbsp;</P><P>&nbsp;</P><P>Need help with your finances? Contact me at <A href="http://www.advocatefinancialcoaching.com.&nbsp;" target="_blank">www.advocatefinancialcoaching.com.&nbsp;</A></P> Tue, 28 Jan 2020 21:07:11 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1032456#M973 KStevenson 2020-01-28T21:07:11Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1032654#M974 <P><LI-USER uid="726230"></LI-USER>&nbsp; if you are making money in the (stock) market, when you access this money to pay down debt this will cause a tax liability, probably. Which means you will be paying tax on this money (again) and to pay down debt this way is not optimal.&nbsp; I would advise leaving your invested money alone and not invest anymore (if you are) and use it instead to pay off debt.</P><P>&nbsp;</P><P>It is preferable to increase income or cut expenses in order to pay off debt.</P> Tue, 28 Jan 2020 21:28:45 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1032654#M974 KStevenson 2020-01-28T21:28:45Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1045757#M979 <P>I know how you feel...I am pretty much bin the same boat. However if you can deposit $20 a week straight from you paycheck into a Christmas club account you will have $1040 after a full 52 weeks of deposits. I do this now and never miss the money for my other bills. I get this given back to me in October, take $300 out to give to my grown kids for Christmas, and redeposit the rest back into the club account so I cannot touch it. After just 2 years of this I have $1400 saved.</P> Thu, 30 Jan 2020 18:53:33 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1045757#M979 Cadman69 2020-01-30T18:53:33Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1045777#M980 <P>As my name implies; you may have missed the boat depending on your actual age. Many people don't properly prepare for retirement prior to making the decision to retire. The first thing to review are your spending habits. I find most people have not done a thorough job of this. Too much indiscretion in spending on non essentials can become detrimental to your goals. Some of the time it means going back into the work force, like it or not. You've indicated a lack of concern for your future by your actions throughout your life and now seek to fix it without making changes. 85% (statistically) of the people living in this country (USA) are making the same mistake you've made. You also indicate your debt is to others, (family, friends?) whom have worked hard to prepare. You need to consider getting gainful employment and paying with your own hard earned money. Traveling across this great nation I see first hand many your age, and older, who are still contributing to the betterment of their communities through their work. Even if you choose something part time to help you build your emergency fund and pay off the debt you would be making progress toward a self sustaining way of life. CUT UP THE CREDIT CARDS. Nothing more to be said on that subject. You stated "...we wish to save for some pleasurable things...". You already did the pleasurable things, Alison. Its time to 'cull the herd' so to speak. The not so pleasurable things will be knocking on your door and that's what your focus should've been on. Your "contract" is only as good, only as long, as your next breath. I pray for your good health. &nbsp; &nbsp;</P> Thu, 30 Jan 2020 18:56:53 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1045777#M980 Hard Truths 2020-01-30T18:56:53Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1048638#M981 <P>read total money makeover. follow Dave Ramsey Baby Steps.&nbsp; Go through financial peace university.</P><P>live like no one else so you can live like no one else</P> Fri, 31 Jan 2020 00:30:34 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1048638#M981 debtfreelife 2020-01-31T00:30:34Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1050486#M983 <P>What is a money market account? And I pay next months interest with my payments!</P> Fri, 31 Jan 2020 04:46:07 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1050486#M983 Melagin01 2020-01-31T04:46:07Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1051174#M986 <P>I want to save at least 10% of my monthly income for emergency funds, but sometimes it is difficult when my hours are cut... What can I do in these cases?</P> Fri, 31 Jan 2020 11:46:47 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1051174#M986 dstrong616 2020-01-31T11:46:47Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1051250#M987 <P>The emergency fund is just that. Build it at your pace. 10% is a guide to Savings and should be the top priority. Always pay yourself first because nobody will ever take as good care of you as you will. After that comes debt. If you have multiple accounts of debt you should try to consolidate for 0% interest but don’t keep creating more debt when you achieve it. By consolidating you may lower your total payout. CUT UP THE CREDIT CARDS! Keep one for serious emergencies until you have your emergency fund which should have enough money to cover 6 months of expenses. Remember prioritize, focus, commitment. This will get you there.</P> Fri, 31 Jan 2020 12:34:06 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1051250#M987 Hard Truths 2020-01-31T12:34:06Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1051419#M988 <P><LI-USER uid="944799"></LI-USER>&nbsp; A money market account is like a checking account that earns a little bit of interest. It is typically associated with an investment account that has mutual funds, for instance.&nbsp; It is considered 'liquid cash' and readily available for use. Any brokerage firm has one - Charles Schwab, Vanguard, Fidelity, Merrill Lynch, etc.&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P> Fri, 31 Jan 2020 13:31:02 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1051419#M988 KStevenson 2020-01-31T13:31:02Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1052482#M990 <P><LI-USER uid="947306"></LI-USER>&nbsp; Yes - this can be tricky when hours are cut and you have some choices to make. If you are not already doing so, cut your expenses. This would mean no dining out for instance. Check how much you are spending on groceries. There is A LOT of control in a grocery budget. Conversely, can you pick up a second part-time job?&nbsp; Bring in add'l income. Here&nbsp;@ TT/Intuit we are offered a lot of OT. That would bring in more income for sure and probably more than a second part-time job.&nbsp; &nbsp;In the end, you really have to have a strong 'why'.&nbsp; How important of a priority is it for you to save 10% each paycheck/month? Remember this and klet it drive your behavior choices on how you are spending/saving money.&nbsp; It just might keep you from grabbing a $5 Little Caesars pizza, Subway sandwich, or S*bucks latte.&nbsp;&nbsp;</P> Fri, 31 Jan 2020 16:59:04 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1052482#M990 KStevenson 2020-01-31T16:59:04Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1063919#M992 <P><STRONG>ok</STRONG></P> Sun, 02 Feb 2020 01:09:38 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1063919#M992 Imaximo 2020-02-02T01:09:38Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1065724#M993 <P>Being a single mom for years, it was always difficult to afford childcare, in order to go out and get a second job. &nbsp;I work a full time job and have always paid off debt at tax time, but I’ve always had a hard time saving throughout the year. &nbsp;I recently started donating plasma, which in turn earns me an average of $4,500 a year, and does not have to be listed on your taxes. &nbsp;It’s considered by the government to be exempt from that. &nbsp;It saves me money, and it saves lives! &nbsp;Plasma cannot be manufactured, therefore it’s crucial for people to donate to help people with autoimmune diseases, meaning people who’s bodies don’t make plasma themselves. &nbsp; It’s literally 2 hours out of my week, and it’s been my financial life saver. &nbsp;Also, knowing that you are helping to save lives is so valuable!!!</P> Sun, 02 Feb 2020 12:33:06 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1065724#M993 Livlafluv 2020-02-02T12:33:06Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1082141#M996 <P>I don't have a emergency fund.</P> Tue, 04 Feb 2020 16:38:00 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1082141#M996 Jesus123456789 2020-02-04T16:38:00Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112025#M1004 <P>I own my home and car I only have a small percent in cr. Card and on one no interest for the next 16 months or more.&nbsp; I have a few ira accounts with easy access one account is 3 miles from my home all I need to do is sign my name and walout the door. Also several thousand in a checking with interest checking&nbsp; &nbsp;I feel I am fairly well set&nbsp;</P> Sat, 08 Feb 2020 12:52:52 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112025#M1004 Barb52 2020-02-08T12:52:52Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112069#M1005 <P>Check out Dave Ramsey's baby steps strategy. It worked miracles for us!</P> Sat, 08 Feb 2020 13:09:50 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112069#M1005 primend 2020-02-08T13:09:50Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112084#M1006 <P><SPAN>"The general rule of thumb is that you should put between 10-15% of your income towards retirement. While some people advocate for focusing all your efforts on debt payoff, putting money toward retirement now can save you money later."</SPAN></P><P>&nbsp;</P><P><SPAN>We follow Dave Ramsey's approach because the issue is that most people can't squeeze 10-15% of their income to invest because all their $ is going out in monthly payments. Focusing on paying off debt first frees up the funds to actually be able to invest. Stopping all saving (except for the initial $1000 emergency) in order to pay off debt first is only a problem if you plan on taking many years to pay off that debt. But the idea is that you reduce your expenses to a minimum and quickly tackle all your non-mortgage debt.&nbsp;</SPAN></P> Sat, 08 Feb 2020 13:15:43 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112084#M1006 primend 2020-02-08T13:15:43Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112144#M1008 <P><LI-USER uid="1124235"></LI-USER>&nbsp; Exactly! The Baby Steps have helped thousands of families and individuals. It is what I guide all my clients through and have practiced myself. My husband and I entered baby step 7 in September 2018.</P> Sat, 08 Feb 2020 13:36:39 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112144#M1008 KStevenson 2020-02-08T13:36:39Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112150#M1009 <P><LI-USER uid="1037039"></LI-USER>&nbsp; - It is never to late to start an emergency fund. You can start small, even with 5% of your monthly take home pay. The key is to begin!&nbsp; You can do it.&nbsp;</P> Sat, 08 Feb 2020 13:39:13 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112150#M1009 KStevenson 2020-02-08T13:39:13Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112159#M1010 <P><LI-USER uid="1124080"></LI-USER>&nbsp; &nbsp;Congrats on owning your home and car!! Fantastic!! Keep putting money away towards retirement and I would encourage you to go a step or two further and cut-up that credit card. <span class="lia-unicode-emoji" title=":winking_face:">😉</span>&nbsp; If you do not already have 3 - 6 months of cash set aside for your expenses, build that up.&nbsp;</P> Sat, 08 Feb 2020 13:41:50 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112159#M1010 KStevenson 2020-02-08T13:41:50Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112160#M1011 <P>Congratulations! That's amazing! My husband and I completed baby step 2 this past October. We paid off 130K (my undergrad &amp; grad student loans) in 3 years. God willing we'll be done with step 3 by the end of March <span class="lia-unicode-emoji" title=":slightly_smiling_face:">🙂</span>&nbsp;</P> Sat, 08 Feb 2020 13:42:19 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112160#M1011 primend 2020-02-08T13:42:19Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1115009#M1012 Sat, 08 Feb 2020 21:38:46 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1115009#M1012 Hard Truths 2020-02-08T21:38:46Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1115111#M1013 <P>Hi Barb52. It sounds like you have a good plan underway. You didn’t claim to be employed in any fashion. But let’s cover the basic fundamentals in case you are employed. Always pay yourself first. Some advisers indicate 15%. I believe 10% is the minimum. Nobody will take as good care of you as you will. This is for all working age groups. If you are older you may need to evaluate exactly where you are currently with your plan. Second your debt is beyond great having accomplished your dwelling and auto payoff. Third thing is to evaluate your expenses for the next 6 months and up to a year. Having your emergency fund is essential to the completion of fundamental rules. Congratulations!</P> Sat, 08 Feb 2020 21:52:41 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1115111#M1013 Hard Truths 2020-02-08T21:52:41Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1115209#M1014 <P>I, too, listened to Dave Ramsey for many years. He has a staff, building, etc. to pay for. He also has books to sell. If someone is having difficulty financially they most likely can’t afford the books.</P> Sat, 08 Feb 2020 22:04:39 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1115209#M1014 Hard Truths 2020-02-08T22:04:39Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1117923#M1016 <P>I know, right. It sounds so IMPOSSIBLE. But really, it literally just starts with a change jar or a $50 savings account start-up. if it sits without anything added to it for some time, no worries. if you add some change when you break a dollar, cool. If you deposit or transfer $5 or $10 when you pay your bills or deposit your check great. The point is to establish a pattern or habit of paying yourself first.&nbsp;</P><P>That's a concept that took me far too long to understand. Don't do what I did and wait till you are 40 to start thinking&nbsp;seriously about your future. As your baby nest egg grows, you will find more ways to add to the value of your time and future. you are worth it. Don't sell yourself out. LIVE LONG AND PROSPER, CHILD!</P> Sun, 09 Feb 2020 12:58:19 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1117923#M1016 wisernow 2020-02-09T12:58:19Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1117952#M1017 <P>There’s no need to buy anything from Dave Ramsey to learn the steps. It’s all online for free with a simple search on YouTube. Plus his daily show’s podcast/videos are great motivation to anyone seriously trying to get out of debt and save. What I appreciate about his strategy is the sense of urgency. In most cases the main issue is not just an income issue but mainly behavior issue. His strategy and his answers to callers on the show helps &amp; motivates us to change our attitude and behavior regarding our finances.</P> Sun, 09 Feb 2020 13:13:47 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1117952#M1017 primend 2020-02-09T13:13:47Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1158378#M1029 <P>I'm filing my taxes.</P><P>&nbsp;</P> Sat, 15 Feb 2020 13:55:59 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1158378#M1029 zukecrudh 2020-02-15T13:55:59Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1168869#M1035 <P>I actually do know of a good one. I’m using them now and the fees are reasonable. They’re called Lutheran Social Services and can be reached at&nbsp;[phone number removed]. You’ll have to see if they’re available in your state, however. Also <A href="https://go.asktrim.com/savings" target="_blank">Trim&nbsp;</A>has a debt negotiation program with a fee starting at $10/month I believe.&nbsp;<BR /><BR /></P><P>I hope this helps and good luck! <span class="lia-unicode-emoji" title=":thumbs_up:">👍🏽</span><span class="lia-unicode-emoji" title=":thumbs_up:">👍🏽</span></P> Mon, 17 Feb 2020 02:49:11 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1168869#M1035 Unicorn82 2020-02-17T02:49:11Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1169861#M1036 <P>Hello <LI-USER uid="349640" login="Ole"></LI-USER>,<BR />Those $5 bills that we occasionally come upon get put in a jar to pay for laundry. The communal machines in our building require increments of $5. So we like to have $5 and $10 bills available for that purpose. Beyond that, we are just about flush each month.&nbsp;<BR /><BR />I will say that on our own behalf, we have been able to almost pay off a smartTV on a special offer of 6 monthly payments without interest. The only debts we have are friendly ones from people who accept $25/month to keep us in good standing.<BR /><BR />We also just cut back to 'Broadcast Basic' on our cable TV service to save about $80/month. There are so many streaming shows for both education and entertainment that we do not miss all the bloody, gorry, gratuitously violent shows we no longer access. I highly recommend this as a way to save money for whatever your priority is.<BR /><BR /></P> Mon, 17 Feb 2020 12:05:05 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1169861#M1036 Alison 2020-02-17T12:05:05Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1169901#M1037 <P>Hi&nbsp;<LI-USER uid="351141"></LI-USER>&nbsp;<BR />Thanks for all your suggestions. We are retired and do not have active income to increase. BUT I have been able to devise a number of passive income or expense reduction techniques. I want to share them with the group.<BR />• I have been using cash reward credit cards responsibly and profitably. This means that I have opened and received Welcome Bonuses to the tune of $100 to $200 dollars EACH. We have good credit scores in the 800's so companies have welcomed us. In addition, we receive cash rewards regularly.<BR />• We have a budget and do our best to stick to it. I have a bookkeeping checks and balances system that includes three elements: my checkbook and online bank account, a manual monthly spreadsheet system, a digital monthly bookkeeping system.&nbsp;<BR />• We just cut our Cable TV to their 'Broadcast Basic' cheapest package. We will be saving almost $80/month.&nbsp;<BR />We were able to purchase a new Smart TV interest-free&nbsp;with 4 of 6 monthly payments already made. In addition, the educational documentaries and entertainment shows, series, and movies are far superior to what our Cable company offered.&nbsp;<BR />• I review my bookkeeping daily to make sure I am on budget.<BR />• Last but not least, I write about everything I have learned to share with others. My blog posts can be found at&nbsp;<A title="My Blog" href="https://alisondgilbert.com/alison-d-gilbert-blog/" target="_blank" rel="noopener">The Alison D. Gilbert Blog</A>. I have also written <A title="From Middle Class to One Day from Homeless (and How we have survived for 10 years since then)" href="https://alisondgilbert.com/2019/11/21st-century-coupon-cutting/writing-4-ebooks/" target="_blank" rel="noopener">four eBooks</A>&nbsp;about how we have survived for the last 10 years going from Middle Class to One Day from Homeless.&nbsp;<BR />• Our entire mission has been to survive, to find meaning in life beyond materialism and to share our experience and successes with others so that they may benefit as well.</P> Mon, 17 Feb 2020 12:27:35 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1169901#M1037 Alison 2020-02-17T12:27:35Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1173368#M1038 <P><LI-USER uid="61735"></LI-USER>&nbsp;"<SPAN>Our entire mission has been to survive, to find meaning in life beyond materialism and to share our experience and successes with others so that they may benefit as well."&nbsp; &nbsp;&nbsp;</SPAN></P><P>&nbsp;</P><P><SPAN>Love this. Thank you for sharing what has worked for you and to help inspire others!</SPAN></P><P>&nbsp;</P><P>&nbsp;</P> Mon, 17 Feb 2020 20:43:42 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1173368#M1038 KStevenson 2020-02-17T20:43:42Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1177223#M1040 <P><LI-USER uid="806082"></LI-USER>&nbsp; Thanks so much for your thumbs up. Please feel free to check out my writing on other venues. I go into great detail about all of this.</P> Tue, 18 Feb 2020 11:54:51 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1177223#M1040 Alison 2020-02-18T11:54:51Z Re: Your question regarding a Debt Consolidation Company https://ttlc.intuit.com/community/lower-your-debt/discussion/re-your-question-regarding-a-debt-consolidation-company/01/1184311#M1041 <UL><LI>I don't know what state you live in, nor do I know if it matters but a friend of mine had about $6,000-$10,000 in debt. She lost her job and fell behind in her payments. She needed about $400bamonth to pay on that debt which didn't include her Mortgage, Car payment, utilities or groceries.&nbsp;</LI><LI>She went through a company called Lexington Law here in Michigan. They were able to consolidate her debts, stop all interest and only paid $100 a month. I will be looking into it myself coming up here soon. Regardless of where you live, it can't hurt for you to Google it and give them a call. If they can't help you, maybe they can recommend someone who can. Good Luck!</LI></UL> Wed, 19 Feb 2020 04:34:25 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-your-question-regarding-a-debt-consolidation-company/01/1184311#M1041 Shermy05 2020-02-19T04:34:25Z Re: Your question regarding a Debt Consolidation Company https://ttlc.intuit.com/community/lower-your-debt/discussion/re-your-question-regarding-a-debt-consolidation-company/01/1185473#M1042 <P><LI-USER uid="1319292"></LI-USER>&nbsp; &nbsp;I would urge caution on using a debt consolidation company.&nbsp; First, a debt consolidation company is not applying all the money paid to them to the debt itself. I'll use your example below of the $100 payment. Please bare in mind I am making up numbers to illustrate a point.&nbsp; <STRONG>** Please also realize there is nothing a debt consolidation company can do that you cannot do for yourself. **&nbsp;</STRONG> You too can negotiate, although it may be intimidating, you can do it!&nbsp;&nbsp;</P><P>&nbsp;</P><P>This company negotiated a $100 per month payment for their client to send them. This same company has negotiated perhaps only $75 total payment due to debtors, pocketing $25 of your hard earned money in their pocket. That is generally how debt consolidation works. So the $100 you thought was going towards debt is really only $75, prolonging everything. Something to think about.&nbsp; I have helped any number of my clients negotiate with their debtors.&nbsp; We literally have a 3-way conversation.&nbsp;</P><P>&nbsp;</P><P>In my experience people generally feel a short-term sense of relief getting the debtors off their backs and stopping those collections calls. But the deeper issue is to understand 'why' you end up in debt in the first place.&nbsp; Sometimes it is due to circumstance beyond our control (extreme medical crisis), but in most cases it has to do with living beyond our means, and not making wise choices with our money.&nbsp; &lt;-- been there, done that - which helped me change my life and become debt free in all things, and saving for the future. <span class="lia-unicode-emoji" title=":slightly_smiling_face:">🙂</span></P><P>&nbsp;</P><P>Need help with your finances? Contact me at&nbsp;<A href="http://www.advocatefinancialcoaching.com" target="_blank" rel="noopener">here.</A>&nbsp;</P> Wed, 19 Feb 2020 13:59:49 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-your-question-regarding-a-debt-consolidation-company/01/1185473#M1042 KStevenson 2020-02-19T13:59:49Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1185481#M1043 <P><LI-USER uid="61735"></LI-USER>&nbsp;- will do! Always interested in learning about other people's experiences. <span class="lia-unicode-emoji" title=":slightly_smiling_face:">🙂</span></P> Wed, 19 Feb 2020 14:01:27 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1185481#M1043 KStevenson 2020-02-19T14:01:27Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1185729#M1044 <P>Thanks <LI-USER uid="806082"></LI-USER>,<BR />Your feedback means a lot to me. My husband and I have worked very hard to research, experiment with, document and share the tools we have devised these last ten years as part of our SUCCESSFUL FINANCIAL SURVIVAL KIT. Our ultimate goals are to continue to survive ourselves and to share how we have done it with others in need.<BR /><BR />Sincerely,<BR />Alison D. Gilbert,&nbsp;<A href="https://www.facebook.com/SavvySavingSurvivalist/" target="_blank">https://www.facebook.com/SavvySavingSurvivalist/</A><BR />@Alison</P> Wed, 19 Feb 2020 14:53:17 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1185729#M1044 Alison 2020-02-19T14:53:17Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1214378#M1046 <P>I suggest paying yourself first! When I first started budgeting, I created an online savings account that was at a separate bank from my checking/credit card. I put an automatic direct deposit in and never really saw the money because I was typically concerned with my checking/credit card bank. Eventually, I started increasing the amount I would save ($10 to $15 to $20...).</P><P>When an emergency did come up I had the amount saved up and I didn't have to change my budget that much!</P><P>&nbsp;</P><P>&nbsp;</P> Sun, 23 Feb 2020 17:56:52 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1214378#M1046 reynoldscf95 2020-02-23T17:56:52Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1230167#M1055 <P>USED MY EMERGENCY FUND TO PAY MY DENTAL BILL,NOW I HAVE TO START OVER</P> Tue, 25 Feb 2020 21:52:08 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1230167#M1055 cassro0319 2020-02-25T21:52:08Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1230199#M1056 <P><LI-USER uid="255044"></LI-USER>&nbsp; - wow !! Sorry to hear, but thank goodness you had this in place making your emergency inconvenient (miserably so sounds like), but not a financial crisis causing you to reach for a credit card.&nbsp; This is really a great example of the precise reason this fund is SOOOO incredibly important.&nbsp; I'd like to share this elsewhere if that's ok?&nbsp; I'll keep you anonymous.&nbsp;</P><P>&nbsp;</P><P>Thank you for sharing!</P> Tue, 25 Feb 2020 21:56:53 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1230199#M1056 KStevenson 2020-02-25T21:56:53Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1231607#M1057 <P>YouNo thank&nbsp;</P> Wed, 26 Feb 2020 01:00:47 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1231607#M1057 Mviscaina 2020-02-26T01:00:47Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1231616#M1058 <P>No thank you&nbsp;</P> Wed, 26 Feb 2020 01:02:23 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1231616#M1058 Mviscaina 2020-02-26T01:02:23Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1239097#M1061 <P>You have experience regarding the importance and impact the emergency fund role plays in your life. Your attitude toward making mature decisions about your own life and future are paramount to your successes. Not only did you get your emergency handled but you also created a plan that reduced your stress in what could’ve been a very stressful situation. A virtual hug just for you!! Let’s focus, once again, on your future and rebuild that e-coverage. Congratulations! I would be interested in your method or system you use to recover your e-fund.</P> Wed, 26 Feb 2020 23:44:02 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1239097#M1061 Hard Truths 2020-02-26T23:44:02Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1240672#M1062 <P>My Fiancé and I have been able to put a lot back and it does make a huge difference, every chance we get we put back or pay off more debt.&nbsp;<BR />And we still have plenty of money to play with.&nbsp;</P> Thu, 27 Feb 2020 03:28:17 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1240672#M1062 MsMonroe1973 2020-02-27T03:28:17Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1241887#M1064 <P><LI-USER uid="1453527"></LI-USER>&nbsp; - good job!&nbsp; I would encourage you to keep paying off your debt and equally important, before you get married, have money discussions about your future as a married couple. What goals would you like to accomplish? How will make your money continue to behave for you? Create a budge together. When you get married it's not so much your money or his money, but your together money. <span class="lia-unicode-emoji" title=":grinning_face_with_smiling_eyes:">😄</span>&nbsp; Keep some fun money built into your budget for each of you. Maybe agree to a dollar amount that if it's more than a $250 purchase we will agree to talk with each other first: do we need this or want this? is it further our financial goals? is this a good price? can we postpone buying or is this a good time to buy? etc.&nbsp;&nbsp;</P><P>&nbsp;</P><P>Congrats too on your future marriage!</P> Thu, 27 Feb 2020 13:13:29 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1241887#M1064 KStevenson 2020-02-27T13:13:29Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1242503#M1065 <P>Congratulations on your future marriage! It’s always nice to read about a mature minded couple who are on the same page with life’s journeys. Maybe you would be kind enough to share with other readers in the community your financial planning strategy that has provided you with your current status. Sharing those steps you feel got you there can possibly help trigger someone else to follow in your wise footsteps. Enjoy the honeymoon!!</P> Thu, 27 Feb 2020 15:28:37 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1242503#M1065 Hard Truths 2020-02-27T15:28:37Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1248326#M1067 <P>I use an app called Qapital. It's what helps me save for an emergency fund. Super easy and basically does the work for you. Helps you create goals too! I think what i need to work on is consolidating my debt.. student loans and credit cards!</P> Fri, 28 Feb 2020 18:45:10 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1248326#M1067 MEG817 2020-02-28T18:45:10Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1250402#M1068 <P>KristineS5, you are AWESOME! It sounds like you took a Class!</P> Sat, 29 Feb 2020 08:44:46 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1250402#M1068 5919Valva 2020-02-29T08:44:46Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1278524#M1072 <P><LI-USER uid="1478971"></LI-USER>&nbsp; Thanks!&nbsp; &nbsp;And yes.&nbsp; I went to the school of hard knocks!!!&nbsp; Took me several tries before I finally passed class.&nbsp; <STRONG>;D&nbsp;</STRONG> &nbsp;</P><P>&nbsp;</P><P>Now I help others out through this forum (and others), as well as through my work&nbsp;<A href="http://www.advocatefinancialcoaching.com" target="_self">here!</A>&nbsp;</P> Thu, 05 Mar 2020 21:29:58 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1278524#M1072 KStevenson 2020-03-05T21:29:58Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1309674#M1073 <P>Yes it's better to keep money in the market if the interest rate is higher than your loan/mortgage rate. I'm retired and I thought about paying off our mortgage balance of&nbsp; 42K but the interest rate is only 2.75% vs the 4 - 8% interest I gain on my retirement savings. A financial adviser told me not to do it because I'll be losing the higher interest rate plus paying taxes on the withdrawal amount, will welcome any other suggestion or comment, thanks!</P> Thu, 12 Mar 2020 20:28:41 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1309674#M1073 3hummy 2020-03-12T20:28:41Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1311547#M1074 <P><LI-USER uid="1614704"></LI-USER>&nbsp; &nbsp;"<SPAN>&nbsp;it's better to keep money in the market if the interest rate is higher than your loan/mortgage rate."&nbsp; &nbsp; I don't think t</SPAN><SPAN>his is necessarily true.&nbsp;</SPAN></P><P>&nbsp;</P><P><SPAN>What is the value of a paid for house?&nbsp; </SPAN></P><P>&nbsp;</P><P><SPAN>This is an important question.&nbsp; The stock market is a risky proposition.&nbsp; It goes up and it goes down. When you own your house market volatility means nothing, generally speaking. Something to think about.&nbsp; <span class="lia-unicode-emoji" title=":slightly_smiling_face:">🙂</span></SPAN></P><P>&nbsp;</P><P>Having said that, there are several key pieces of information I would need to understand about your overall financial condition before making any sort or real suggestion.</P><P>&nbsp;</P><P>Your financial advisor is correct if he is saying you will pay tax on money you withdraw from investments and/or possibly from retirement such as an IRA or 401(k).</P><P>&nbsp;</P><P>Regardless, I would never advise anyone to take out money already IN retirement to pay off a mortgage. Not a good idea.&nbsp; A better idea might be to trim current expenses or dig deep into your budget and find a little extra money towards making an additional mortgage payment, maybe even just once a year.&nbsp; For instance, if you carved $50 from your budget each month and set that aside, after 12 months you could make an additional $600 payment towards your mortgage. Not bad.&nbsp;</P><P>&nbsp;</P><P>Thanks for posting.&nbsp; If you would like to connect with me further, you can find me&nbsp;<A href="http://www.advocatefinancialcoaching.com" target="_self">here.</A>&nbsp;</P> Fri, 13 Mar 2020 12:29:53 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1311547#M1074 KStevenson 2020-03-13T12:29:53Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1321029#M1081 <P>My CU is completely online. I put $5/wk in xmas fund, $5/wk in vacation fund for kid's bday, have $1000 in money market, and put $50/wk on VISA. The xmas &amp; bday adds up just right, and I never miss it. Had I other credit cards, I would pay off the highest interest rate.</P> Sun, 15 Mar 2020 22:06:59 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1321029#M1081 Greywethr 2020-03-15T22:06:59Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1340922#M1086 <P>this is no good for seniors not at all some one from 25 to mid 30's will benefit from this suggestion</P> Fri, 20 Mar 2020 19:26:16 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1340922#M1086 orionskies1919 2020-03-20T19:26:16Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1347926#M1092 <P>I pray this doesn't come across as harsh, yet sounds like you all do not need to be retired!&nbsp; Retirement is a time in your lives where you should not be living paycheck to paycheck, and your debts are paid off and you are comfortably able to pay your remaining monthly living expenses (utilities, groceries, gas, etc). You all may want to consider getting some type of income flows into the household....whether it be work from home gigs, couple hours a month at a local business in the neighborhood, something to bring in additional income.&nbsp;&nbsp;</P> Sun, 22 Mar 2020 18:54:20 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1347926#M1092 tiffanyfreeman 2020-03-22T18:54:20Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1349739#M1093 <P><LI-USER uid="1701839"></LI-USER>&nbsp;Did you read my post? I’m sure you were not referring to my message about being retired &amp; keeping my money in retirement fund vs taking some out to pay off my mortgage which is the only debt we have left. I’m living comfortably in retirement thank you. It’s &nbsp;because I was diligent in saving, spent my hard earned money wisely &amp; always pay off any credit card debt, using it only for rewards. I also know a little bit about financial management and prepared for retirement so was able to leave work&nbsp;a little earlier at 63. I do feel sorry for other retired seniors who have difficulty staying afloat &amp; have to go back to work to make ends meet.&nbsp;</P><P>&nbsp;</P><P>@KStevenson thanks for your response, I might take your offer &amp; contact you sometime.&nbsp;</P><P>&nbsp;</P> Mon, 23 Mar 2020 03:56:51 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1349739#M1093 3hummy 2020-03-23T03:56:51Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1349773#M1094 <P><LI-USER uid="1614704"></LI-USER>&nbsp;If what I said didnt apply to your situation, then I wasn't talking to you. Stay blessed!✌</P> Mon, 23 Mar 2020 04:22:12 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1349773#M1094 tiffanyfreeman 2020-03-23T04:22:12Z Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1353898#M1096 <P><LI-USER uid="1614704"></LI-USER>&nbsp;</P><P>&nbsp;</P><P>I am here when you are ready.&nbsp; Sent you a reply email with a link, but have not heard back from you at this point.&nbsp;&nbsp;</P> Tue, 24 Mar 2020 12:27:55 GMT https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1353898#M1096 KStevenson 2020-03-24T12:27:55Z
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<title>
topic How To Prioritize Emergency Funds, Savings and Paying Off Debt in Debt management
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/59#M720
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<description>
<P><span class="lia-inline-image-display-wrapper lia-image-align-center" image-alt="FeaturedContent_Debt_Prioritize.jpg" style="width: 653px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/33i16D6F22744CB2B23/image-size/large?v=1.0&amp;px=999" title="FeaturedContent_Debt_Prioritize.jpg" alt="FeaturedContent_Debt_Prioritize.jpg" /></span></P> <P><TIME datetime="2016-04-13T08:00:52+00:00">Apr 13, 2016</TIME><SPAN>&nbsp;/ By&nbsp;</SPAN><A title="Posts by Zina Kumok" href="https://blog.mint.com/author/zina-kumok/" rel="author" target="_blank">Zina Kumok</A>&nbsp;</P> <P>&nbsp;</P> <P>We all want to be more responsible with our money. While that sounds great in theory, it can get confusing once you start to break things down. Emergency funds, savings funds and debt all need to be addressed regularly, but trying to figure out a consistent method leaves some paralyzed with indecision.</P> <P>&nbsp;</P> <P>One of the problems that tends to trip people up is prioritization. Allocating your finances to the right place is crucial, but how do you decide how much to put towards any one purpose? How can you cut through the confusion and get your finances on the right track?</P> <P>Read on for our tips.</P> <H6>&nbsp;</H6> <H2>1.&nbsp;&nbsp; Save a Mini-Emergency Fund</H2> <H6>&nbsp;</H6> <P>You need to save at least a partial emergency fund first. If you don’t have one and have to face a crisis, you’ll probably need to borrow the money. That means you’ll end up in more debt – whether you owe a family member or a credit card company.</P> <P>&nbsp;</P> <P>A basic emergency fund should be around $1,000. That will cover minor emergencies like new tires after your car has a blowout on the highway, last-minute plane tickets to a funeral, or a brief ER visit.</P> <P>&nbsp;</P> <P>Each time you deplete your emergency fund, halt any other debt-reducing or saving until you build it back up. Once you’re debt free, you can focus on building a more substantial emergency fund, covering between three to six month’s worth of expenses.</P> <H6>&nbsp;</H6> <H2>2.&nbsp;&nbsp; Refinance Debt</H2> <H6>&nbsp;</H6> <P>Before you start paying off your debt, you should find other ways to reduce it. If you have high-interest credit card debt, do a balance transfer onto an account with a 0% offer. See if you can refinance to get a lower interest rate for your other debt, including car loans, mortgages and student loans.</P> <P>&nbsp;</P> <P>When you refinance, make sure that your new loan doesn’t extend your terms. The longer your loan, the more you’ll pay in interest. You should use the refinance as an opportunity to save money, not spend more of it.</P> <P>&nbsp;</P> <P>After you refinance, keep making the same payments you were previously. Doing so will shorten how quickly you pay off your debt without forcing you to make any changes to your lifestyle.</P> <H6>&nbsp;</H6> <H2>3.&nbsp;&nbsp; Focus on Saving</H2> <H6>&nbsp;</H6> <P>The general rule of thumb is that you should put between 10-15% of your income towards retirement. While some people advocate for focusing all your efforts on debt payoff, putting money toward retirement now can save you money later.</P> <P>&nbsp;</P> <P>Why? Because saving for retirement is designed to be a long-term approach, and the most important aspect of saving for retirement is time. The more time you spend saving, the more you’ll have – simple as that. That’s why putting a little bit away for 40 years is better than putting a lot away for 20.</P> <P>&nbsp;</P> <P>“A 28 year-old that saves $5,000 a year into a retirement account – if they average 8% and retire at age 68 – should earn approximately $1,295,000,” said CFP Peter Creedon of<SPAN>&nbsp;</SPAN><A href="http://crystalbrookadvisors.com/" target="_blank">Crystal Brook Advisors</A>. “To match the $1,295,000, a 40 year old would have to contribute $13,583 a year until retirement if we use the above parameters.”</P> <H6>&nbsp;</H6> <H2>4. Create a Debt Payoff Plan</H2> <H6>&nbsp;</H6> <P>Once you’ve started saving for retirement, you should focus on becoming debt free and creating more money to throw at that debt. There are two ways to do this – lower your living expenses or increase your income.</P> <P>&nbsp;</P> <P>You can increase your income by asking for a raise, finding a new job or starting a side gig. Working an extra 10 hours a week at $10 an hour will yield about $400 a month before taxes.</P> <P>&nbsp;</P> <P>To decrease how much you need to live on, you should find areas of your budget that you can cut. Do you eat out too often or have a yoga studio membership that goes unused? Are you paying too much for car insurance or internet? Take the money that you cut from your budget and apply that to your debt payments.</P> <P>&nbsp;</P> <P>You can pay off your debt with one of two strategies – the snowball or the avalanche method (more on that later this week).</P> <P>&nbsp;</P> <P>Once you’ve paid off your debt, put the money you were spending on monthly payments and beef up your emergency fund. Now you’ll be saving for yourself and your future instead of paying off old debt.</P> <P>&nbsp;</P> <P><EM>Zina Kumok is a freelance writer specializing in personal finance. A former reporter, she has covered murder trials, the Final Four and everything in between. She has been featured in Lifehacker, DailyWorth and Time. Read about how she paid off $28,000 worth of student loans in three years at&nbsp;<A href="http://www.debtfreeafterthree.com/" target="_blank">Debt Free After Three.</A></EM></P>
</description>
<pubDate>Tue, 13 Mar 2018 05:21:00 GMT</pubDate>
<dc:creator>MariP</dc:creator>
<dc:date>2018-03-13T05:21:00Z</dc:date>
<item>
<title>
How To Prioritize Emergency Funds, Savings and Paying Off Debt
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/59#M720
</link>
<description>
<P><span class="lia-inline-image-display-wrapper lia-image-align-center" image-alt="FeaturedContent_Debt_Prioritize.jpg" style="width: 653px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/33i16D6F22744CB2B23/image-size/large?v=1.0&amp;px=999" title="FeaturedContent_Debt_Prioritize.jpg" alt="FeaturedContent_Debt_Prioritize.jpg" /></span></P> <P><TIME datetime="2016-04-13T08:00:52+00:00">Apr 13, 2016</TIME><SPAN>&nbsp;/ By&nbsp;</SPAN><A title="Posts by Zina Kumok" href="https://blog.mint.com/author/zina-kumok/" rel="author" target="_blank">Zina Kumok</A>&nbsp;</P> <P>&nbsp;</P> <P>We all want to be more responsible with our money. While that sounds great in theory, it can get confusing once you start to break things down. Emergency funds, savings funds and debt all need to be addressed regularly, but trying to figure out a consistent method leaves some paralyzed with indecision.</P> <P>&nbsp;</P> <P>One of the problems that tends to trip people up is prioritization. Allocating your finances to the right place is crucial, but how do you decide how much to put towards any one purpose? How can you cut through the confusion and get your finances on the right track?</P> <P>Read on for our tips.</P> <H6>&nbsp;</H6> <H2>1.&nbsp;&nbsp; Save a Mini-Emergency Fund</H2> <H6>&nbsp;</H6> <P>You need to save at least a partial emergency fund first. If you don’t have one and have to face a crisis, you’ll probably need to borrow the money. That means you’ll end up in more debt – whether you owe a family member or a credit card company.</P> <P>&nbsp;</P> <P>A basic emergency fund should be around $1,000. That will cover minor emergencies like new tires after your car has a blowout on the highway, last-minute plane tickets to a funeral, or a brief ER visit.</P> <P>&nbsp;</P> <P>Each time you deplete your emergency fund, halt any other debt-reducing or saving until you build it back up. Once you’re debt free, you can focus on building a more substantial emergency fund, covering between three to six month’s worth of expenses.</P> <H6>&nbsp;</H6> <H2>2.&nbsp;&nbsp; Refinance Debt</H2> <H6>&nbsp;</H6> <P>Before you start paying off your debt, you should find other ways to reduce it. If you have high-interest credit card debt, do a balance transfer onto an account with a 0% offer. See if you can refinance to get a lower interest rate for your other debt, including car loans, mortgages and student loans.</P> <P>&nbsp;</P> <P>When you refinance, make sure that your new loan doesn’t extend your terms. The longer your loan, the more you’ll pay in interest. You should use the refinance as an opportunity to save money, not spend more of it.</P> <P>&nbsp;</P> <P>After you refinance, keep making the same payments you were previously. Doing so will shorten how quickly you pay off your debt without forcing you to make any changes to your lifestyle.</P> <H6>&nbsp;</H6> <H2>3.&nbsp;&nbsp; Focus on Saving</H2> <H6>&nbsp;</H6> <P>The general rule of thumb is that you should put between 10-15% of your income towards retirement. While some people advocate for focusing all your efforts on debt payoff, putting money toward retirement now can save you money later.</P> <P>&nbsp;</P> <P>Why? Because saving for retirement is designed to be a long-term approach, and the most important aspect of saving for retirement is time. The more time you spend saving, the more you’ll have – simple as that. That’s why putting a little bit away for 40 years is better than putting a lot away for 20.</P> <P>&nbsp;</P> <P>“A 28 year-old that saves $5,000 a year into a retirement account – if they average 8% and retire at age 68 – should earn approximately $1,295,000,” said CFP Peter Creedon of<SPAN>&nbsp;</SPAN><A href="http://crystalbrookadvisors.com/" target="_blank">Crystal Brook Advisors</A>. “To match the $1,295,000, a 40 year old would have to contribute $13,583 a year until retirement if we use the above parameters.”</P> <H6>&nbsp;</H6> <H2>4. Create a Debt Payoff Plan</H2> <H6>&nbsp;</H6> <P>Once you’ve started saving for retirement, you should focus on becoming debt free and creating more money to throw at that debt. There are two ways to do this – lower your living expenses or increase your income.</P> <P>&nbsp;</P> <P>You can increase your income by asking for a raise, finding a new job or starting a side gig. Working an extra 10 hours a week at $10 an hour will yield about $400 a month before taxes.</P> <P>&nbsp;</P> <P>To decrease how much you need to live on, you should find areas of your budget that you can cut. Do you eat out too often or have a yoga studio membership that goes unused? Are you paying too much for car insurance or internet? Take the money that you cut from your budget and apply that to your debt payments.</P> <P>&nbsp;</P> <P>You can pay off your debt with one of two strategies – the snowball or the avalanche method (more on that later this week).</P> <P>&nbsp;</P> <P>Once you’ve paid off your debt, put the money you were spending on monthly payments and beef up your emergency fund. Now you’ll be saving for yourself and your future instead of paying off old debt.</P> <P>&nbsp;</P> <P><EM>Zina Kumok is a freelance writer specializing in personal finance. A former reporter, she has covered murder trials, the Final Four and everything in between. She has been featured in Lifehacker, DailyWorth and Time. Read about how she paid off $28,000 worth of student loans in three years at&nbsp;<A href="http://www.debtfreeafterthree.com/" target="_blank">Debt Free After Three.</A></EM></P>
</description>
<pubDate>Tue, 13 Mar 2018 05:21:00 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/59#M720
</guid>
<dc:creator>MariP</dc:creator>
<dc:date>2018-03-13T05:21:00Z</dc:date>
</item>
<item>
<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/7976#M721
</link>
<description>I don't have any Emergency fund to pay off my debt</description>
<pubDate>Wed, 05 Dec 2018 23:40:22 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/7976#M721
</guid>
<dc:creator>Renada89</dc:creator>
<dc:date>2018-12-05T23:40:22Z</dc:date>
</item>
<item>
<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/12043#M722
</link>
<description>
<P>I suddenly had to buy a new water heater for my house. I have no emergency fund. Never been able to get one.</P>
</description>
<pubDate>Sun, 10 Feb 2019 21:23:37 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/12043#M722
</guid>
<dc:creator>Legoge47</dc:creator>
<dc:date>2019-02-10T21:23:37Z</dc:date>
</item>
<item>
<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/21845#M723
</link>
<description>Great advice!</description>
<pubDate>Wed, 03 Apr 2019 23:20:16 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/21845#M723
</guid>
<dc:creator>Ashham77</dc:creator>
<dc:date>2019-04-03T23:20:16Z</dc:date>
</item>
<item>
<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/25518#M724
</link>
<description>
<P>Start an emergency fund by putting as little as $25.00 a paycheck into a fireproof lock box at home or a savings account at the bank. Never, never, never use it unless it is a true emergency.</P>
</description>
<pubDate>Fri, 24 May 2019 13:23:40 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/25518#M724
</guid>
<dc:creator>right22b</dc:creator>
<dc:date>2019-05-24T13:23:40Z</dc:date>
</item>
<item>
<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/27680#M725
</link>
<description>
<P>To pay off your debt make monthly payment plus next month's interest if you can this will help pay off your principal balance faster.&nbsp; Don't put money in a bank savings account too many fees and very low interest, better bet is a Money Market account. I have been asked by many what is a Money Market Account? A Money Market Account is basically a savings account but earns higher interest rates. It's a good place to put an emergency fund in with at least 6 months of your monthly take home income into. Another great way to save is to start with a $1.00 or $5.00 every week and double that amount you have the next week for the entire year. Ex. $1.00 to $2.00 to $4.00 to $8.00 etc.&nbsp;</P>
</description>
<pubDate>Fri, 13 Mar 2020 12:53:00 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/27680#M725
</guid>
<dc:creator>Buckfan</dc:creator>
<dc:date>2020-03-13T12:53:00Z</dc:date>
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<item>
<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/806879#M804
</link>
<description>
<P>This article is written for people who are still employed. We are retired and squeeze through each month financially. We have no emergency fund. In addition, we have no savings. Fortunately, the debt we are paying off is informal. It is to 'benefactors' but not to any companies. Our 'contract' is word of mouth and friendly. It is not on our credit report.&nbsp;<BR />At our age, life can be short and we wish to save for some pleasurable things in addition to covering for emergencies and debt pay off. We just can't seem to get over the hump of living barely from month to month.<BR />We sure could use some suggestions. BTW we have around 800 plus credit scores.</P>
</description>
<pubDate>Tue, 11 Jun 2019 08:28:45 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/806879#M804
</guid>
<dc:creator>Alison</dc:creator>
<dc:date>2019-06-11T08:28:45Z</dc:date>
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<item>
<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/816449#M808
</link>
<description>
<P>A quick way to save up cash is to sock away $5 bills into a coffee can everytime you have one.&nbsp; It is amazing how quick it adds up and you don't really miss it.&nbsp; I typically save $ 600-700 per year doing this.&nbsp; It can be a mini emergency fund.</P>
</description>
<pubDate>Tue, 18 Jun 2019 18:15:29 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/816449#M808
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<dc:creator>Ole</dc:creator>
<dc:date>2019-06-18T18:15:29Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/819133#M811
</link>
<description>
<A href="https://www.daveramsey.com/dave-ramsey-7-baby-steps" target="_blank">https://www.daveramsey.com/dave-ramsey-7-baby-steps</A>
</description>
<pubDate>Mon, 24 Jun 2019 11:25:50 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/819133#M811
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<dc:creator>JRay</dc:creator>
<dc:date>2019-06-24T11:25:50Z</dc:date>
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<item>
<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/820627#M815
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<description>
<P>Hi Renada89 - An emergency fund should not be used for anything... except an emergency.&nbsp;</P><P>&nbsp;</P><P>But what is considered an emergency you ask?&nbsp; Your hot water tank suddenly quits working one morning and you need to buy a new one and replace it, or your child becomes ill late at night and you have to make an emergency trip to the hospital or a stand alone 24 hour Emergent Care facility, or your tire catches a nail and you need to buy a brand new tire because fix-a-flat won't work.&nbsp; These are emergencies.&nbsp;</P><P>&nbsp;</P><P>The urgent need to pay off debt may feel like an emergency, but is isn't. If you want to pay off your debt as quickly as possible,&nbsp;</P><OL><LI>create a zero-based budget where income - expenses = zero</LI><LI>as quick as you can save $1000 if married or $500 if single for a starter emergency fund</LI><LI>list your debts, least to greatest without regard for interest rate</LI><LI>throw all available money at the smallest debt while making minimum payments on the others</LI><LI>as soon as the smallest debt is paid off, take all that money and throw it at the next debt to pay it off as quickly as possible while continuing to make minimum payments on the others and so on. This is called a snowball effect. As debt begins to get paid off, momentum will pick up with downward speed like a snowball.&nbsp;</LI></OL><P>At it's core, getting rid of debt and staying out of debt is mostly about behavior.&nbsp;</P>
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<pubDate>Thu, 27 Jun 2019 12:46:11 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/820627#M815
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<dc:creator>KristineS5</dc:creator>
<dc:date>2019-06-27T12:46:11Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/820641#M816
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<description>
<P><LI-USER uid="61735"></LI-USER>&nbsp;</P><P>&nbsp;</P><P>Sorry to hear you are barely living month to month. Sadly, you are not alone. Statistically, 70% of Americans are in the same boat.&nbsp; The good news is, you can change this. It is never to late to change or start something new. You can do it!</P><P>&nbsp;</P><P>I don't know what age you are or anything else about your financial situation, but the same rules apply to you as to anyone else. One or both of two things must happen to accomplish your goal of saving for emergencies and savings in general, and paying off debt.&nbsp;</P><P>&nbsp;</P><P>Expenses must be cut. Income must increase.</P><P>&nbsp;</P><P>Again, I do not know anything about your financial situation, but those two things apply across the board in general. &nbsp;<SPAN>Here are some suggestions and while they may seem obvious, they bear being said:</SPAN></P><P>&nbsp;</P><P><SPAN>Do you use credit cards? If so, I recommend you stop and pay cash for what you buy.</SPAN></P><P>Do you have car payments you cannot afford? You may need to get rid of a car.</P><P>Is your mortgage and property tax or rent greater than 30% of your take home pay? Least desirable, but you may need to move</P><P>Do you dine out frequently or cook most of your meals at home?&nbsp; Cooking at home is always cheaper</P><P>Do you impulse buy or buy things you want but don't need?&nbsp; This will kill your ability to save as you want</P><P>&nbsp;</P><P>Are you on a budget? Do you create a written (or electronic) budget every month before the beginning of the month where income minus expenses = zero? This is called a zero based budget. Your budget must balance at exactly zero.&nbsp; This does not mean zero dollars in the bank. It means income and expenses match exactly. Trim all unnecessary expenses. What is necessary may be up for debate, but generally speaking the only things we need are shelter and utilities, food, basic clothing, and transportation.&nbsp; I call these the four walls. Always make these your first priority in your budget. Always. Prioritize from there.&nbsp;</P><P>&nbsp;</P><P>Second, as quick as you can save $1000 for an emergency starter fund. Sell stuff you don't need, work a part-time job.</P><P>&nbsp;</P><P>Third, list your debts least to greatest without regard to interest rate.&nbsp; Take all available money from your streamlined budget and throw it at the smallest debt to pay it off while making minimum payments on the other debt.&nbsp; When the first debt is paid, move to the second debt and throw all money at that debt while making minimum payments on the others. This is a debt snowball and will gain momentum as it rolls downhill. The psychological value of paying off debt will encourage you to push forward!&nbsp;</P><P>&nbsp;</P><P>The above works. I know because I've done it. Not saying it is easy, but if you are willing to make some sacrifices - most people do to accomplish their goals - you can do this!</P><P>&nbsp;</P>
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<pubDate>Thu, 27 Jun 2019 13:10:43 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/820641#M816
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<dc:creator>KristineS5</dc:creator>
<dc:date>2019-06-27T13:10:43Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/822619#M822
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<description>Perfect! Exactly how it works! Good post!</description>
<pubDate>Mon, 01 Jul 2019 22:41:57 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/822619#M822
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<dc:creator>Deb T</dc:creator>
<dc:date>2019-07-01T22:41:57Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/822807#M824
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<description>
I honestly had the hardest time saving for the longest time. Anytime that I noticed myself with anymore than $200 and I knew my next check was a few days away, I would blow that on whatever I felt "needed" or denied myself. Eventually, I found myself taking my tips, bundling them up, and putting them in a safe place. I wouldn't touch it unless it was an absolute emergency. The upside is that I managed to save over $1000 in a little iver 6 months. The downside, however, is that I never knew how much I had saved, which is never a good feeling. In the end, I've now picked up a second iob, a budget, and a new saving method: quarters. The reason I save my quarters is because in my line of work, people tell me to "keep the change" more often than not. After so many months of that, I managed to comfortably set aside another emergency fund that continues to grow without a noticeable change to my income/spending habits. I think everyone can find something to that effect that may just help them set a little aside when they can.
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<pubDate>Tue, 02 Jul 2019 06:42:24 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/822807#M824
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<dc:creator>Cairo</dc:creator>
<dc:date>2019-07-02T06:42:24Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/823318#M825
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<description>
<P><LI-USER uid="373894"></LI-USER>&nbsp; Good for you!&nbsp; That is great to hear.</P><P>&nbsp;</P><P>So much of what we choose to do with our money comes down to behavior.&nbsp; And our behavior is more often than not driven by our emotions.&nbsp; Good for you on choosing to be disciplined to save. &nbsp;</P>
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<pubDate>Wed, 03 Jul 2019 12:50:13 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/823318#M825
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<dc:creator>KristineS5</dc:creator>
<dc:date>2019-07-03T12:50:13Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/824553#M834
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<description>
<P>These suggestions work better the younger a person is and the more gainfully employed a person is. Personally, for a senior living on a fixed, limited income who barely makes ends meet, I do not find most of these suggestions especially pertinent. For example, here are my specific reactions to your suggestions:<BR />1. Save a mini emergency fund of $1,000. HOW CAN WE DO THAT?<BR />These days $1,000. might as well be a million dollars. There are constant emergencies i.e. car repairs on our 2003 vehicle. We have to come up with loans for that. A new A/C unit was needed when we moved from a studio apt to a one bedroom. We actually had to seek assistance from a nonprofit community organization for that.<BR />2. Fortunately, we do not have any debt that is official. We have an informal payment plan for services and purchases that we pay down monthly. So there is no need for us to refinance credit card debt.<BR />3. Focus on&nbsp; Saving<BR />How can we save when we barely make ends meet on a monthly basis? I admit that we do make self-indulgent purchases. But they are small and one of the few pleasures we have in life. Even though it would be a good habit to save even $5-10/month, that will not take us very far. So we've opted for the short term pleasure of small purchases rather than the long term goal like investing in a hobby or taking a vacation.<BR />4. Create A Debt Payoff Plan<BR />As I mentioned in&nbsp;#2, we have our informal arrangement for a debt payoff plan. Although we have been diligent with it, I find that the suggestions your article makes are clearly for much younger people.<BR />In conclusion, we were Middle Class, gainfully employed, living in a house, owning two cars free and clear, and having investments. Then 2008 came. We lost just about everything. As a result, we went 'from Middle Class to One Day From Homeless'. To find out more, go to our story in a <A title="The Former Middle Class eBook Series by Alison D. Gilbert" href="https://www.amazon.com/s?k=Alison+D.+Gilbert&amp;rh=n%3A154606011&amp;ref=nb_sb_noss" target="_blank" rel="noopener">a three eBook Amazon Kindle series, The Former Middle Class eBook Series.</A></P>
</description>
<pubDate>Sun, 07 Jul 2019 06:21:00 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/824553#M834
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<dc:creator>Alison</dc:creator>
<dc:date>2019-07-07T06:21:00Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/824554#M835
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<description>
<P>These suggestions work better the younger a person is and the more gainfully employed a person is. Personally, for a senior living on a fixed, limited income who barely makes ends meet, I do not find most of these suggestions especially pertinent. For example, here are my specific reactions to your suggestions:<BR />1. Save a mini emergency fund of $1,000. HOW CAN WE DO THAT?<BR />These days $1,000. might as well be a million dollars. There are constant emergencies i.e. car repairs on our 2003 vehicle. We have to come up with loans for that. A new A/C unit was needed when we moved from a studio apt to a one bedroom. We actually had to seek assistance from a nonprofit community organization for that.<BR />2. Fortunately, we do not have any debt that is official. We have an informal payment plan for services and purchases that we pay down monthly. So there is no need for us to refinance credit card debt.<BR />3. Focus on&nbsp; Saving<BR />How can we save when we barely make ends meet on a monthly basis? I admit that we do make self-indulgent purchases. But they are small and one of the few pleasures we have in life. Even though it would be a good habit to save even $5-10/month, that will not take us very far. So we've opted for the short term pleasure of small purchases rather than the long term goal like investing in a hobby or taking a vacation.<BR />4. Create A Debt Payoff Plan<BR />As I mentioned in&nbsp;#2, we have our informal arrangement for a debt payoff plan. Although we have been diligent with it, I find that the suggestions your article makes are clearly for much younger people.<BR />In conclusion, we were Middle Class, gainfully employed, living in a house, owning two cars free and clear, and having investments. Then 2008 came. We lost just about everything. As a result, we went 'from Middle Class to One Day From Homeless'. To find out more, go to our story in&nbsp;<A title="The Former Middle Class eBook Series by Alison D. Gilbert" href="https://www.amazon.com/s?k=Alison+D.+Gilbert&amp;rh=n%3A154606011&amp;ref=nb_sb_noss" target="_blank" rel="noopener">a three eBook Amazon Kindle series, The Former Middle Class eBook Series.</A></P>
</description>
<pubDate>Sun, 07 Jul 2019 06:21:52 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/824554#M835
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<dc:creator>Alison</dc:creator>
<dc:date>2019-07-07T06:21:52Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/824558#M836
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<description>
<P><SPAN class=""><A href="https://ttlc.intuit.com/community/user/viewprofilepage/user-id/351141" target="_self">KristineS5</A>&nbsp;In theory, some of what you say makes sense. But there is one major point that does not work for us. It also is the foundation of our expense reduction program. The 'responsible and profitable' use of credit cards is essential to our lives.<BR /><BR />The system I have developed for us is not easy and not doable for many people. But it is actually a 'part-time job' for me. The fact that I have over an 800 credit score means I am doing something right. Between new card promotional bonuses and cash rewards, our expenses are reduced by about $100/month.<BR /><BR /></SPAN>We are seniors in our 70s with much less energy to be physically productive. So we need to look at life differently and take different actions.&nbsp;<BR /><BR />I'm not saying we have it down perfect or that there is no room for improvement. There always is room to learn and grow. But given where the ball landed in 2008 into 2009, 'From Middle Class to One Day from Homeless', we are building a new life with very different 'rules' from the other life we had before.</P>
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<pubDate>Sun, 07 Jul 2019 06:39:29 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/824558#M836
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<dc:creator>Alison</dc:creator>
<dc:date>2019-07-07T06:39:29Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/828085#M838
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<description>
Hi I’m 31, have worked constantly since I was 16 years old. I have never had an emergency fund it seems like a pipe dream to me. I have had to live paycheck to paycheck every day of my adult life. The one time I did actually have decent credit, tragedies happened and forced me to use my credit cards to provide for my family. Now I am riddled with crushing debt, barely scraping by every month(coin star king). Oh on top of that I was let go from 2 jobs in 1 month and was late on rent. Now my family has received our final eviction notice and have 48 hours before the sheriffs will throw us out in the street. There is no emergency fund.
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<pubDate>Sun, 14 Jul 2019 16:44:12 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/828085#M838
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<dc:creator>Kaiweezy</dc:creator>
<dc:date>2019-07-14T16:44:12Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/847119#M877
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<description>
<P>It’s almost impossible to save anything with rents so ridiculous. But my method of madness has always been to give up food if I want to attend a concert. (We don’t have any extras like cable, home phone, internet.) When I fell a bit short for my last field trip, I thought ‘Hey, if I can give up food for a few more months, I won’t owe anyone a cent!’ <span class="lia-unicode-emoji" title=":beaming_face_with_smiling_eyes:">😁</span><span class="lia-unicode-emoji" title=":musical_notes:">🎶</span><span class="lia-unicode-emoji" title=":thinking_face:">🤔</span></P>
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<pubDate>Sat, 31 Aug 2019 23:36:13 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/847119#M877
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<dc:creator>CountryGirl28</dc:creator>
<dc:date>2019-08-31T23:36:13Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/850503#M884
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<description>
<P>You say you're retired, and I know the last thing you want to hear is to maybe go back to work. But consider a part time job at a hobby shop or home improvement store. Even 10 hours a week can add up at the end of the month especially if you both find something. Not to mention the discounts, try to get a simple job at a place you regularly shop at already, the discount could pay back quite a bit.&nbsp;</P>
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<pubDate>Wed, 11 Sep 2019 01:03:16 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/850503#M884
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<dc:creator>Mausi</dc:creator>
<dc:date>2019-09-11T01:03:16Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/850996#M885
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<description><P>&nbsp;Can closed accounts be removed&nbsp;</P></description>
<pubDate>Thu, 12 Sep 2019 02:11:52 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/850996#M885
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<dc:creator>Movingup100</dc:creator>
<dc:date>2019-09-12T02:11:52Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/853218#M886
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<description>
<P>That was my problem i e dipping into savings until I opened an investment account at Schwab. A trade in my preferred stock EAST will total plus or minus $50 including the $5.00 broker commission and if I budget $30/mo it will build without easy access.</P>
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<pubDate>Wed, 18 Sep 2019 03:09:13 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/853218#M886
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<dc:creator>_D</dc:creator>
<dc:date>2019-09-18T03:09:13Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/853220#M887
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<description>
<P>That was my approach as well but alas I am a compulsive eater so I. started going to the State Food Bank to save money for saving which translates to I owe Meals and Wheels $7K (an option if you are old as whilst they bill you, they don’t stop your lunches if you can’t pay) and &nbsp;stingy I.e. 10% tithe to St Andrew’s Episcopal Church for the food bank and the point is make a budget and do without to save money. &nbsp;As needy as I am, it’s the only way.</P>
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<pubDate>Wed, 18 Sep 2019 03:20:14 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/853220#M887
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<dc:creator>_D</dc:creator>
<dc:date>2019-09-18T03:20:14Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/856843#M893
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<description>
<P>Does anybody have a recommendation on a good debt consolidation company that will gather up $10,000 in debt and allow me to make one monthly payment for it all? Any comments appreciate.</P>
</description>
<pubDate>Sat, 28 Sep 2019 07:24:29 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/856843#M893
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<dc:creator>Shayperkins1</dc:creator>
<dc:date>2019-09-28T07:24:29Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/857521#M894
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<description/>
<pubDate>Mon, 30 Sep 2019 12:09:49 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/857521#M894
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<dc:creator>Chillywill70</dc:creator>
<dc:date>2019-09-30T12:09:49Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/859899#M900
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<description>
<P>I have found the best way to save is do set up an auto save type account. Like a roll-up. Fir example if I spend $25.67 it auto-rolls up my debit card payment to $27 - and puts the $0.33 in an account. &nbsp;There are multiple apps that can help with these. Stash, Acords, Robinhood (I use all three)</P><P>There are also apps for rainy day fund and student loan (Chipper and Digit) payoffs that roll-up too. &nbsp;It’s minor amount each transaction. But over this year I’ve saved/invested nearly $11k in rollover funds. I say invested because some use your roll-over money to invest in small amounts of stocks - which can also help by paying off dividends.&nbsp;<BR />fir example I have 1 share of KO (Coca-cola) in Robinhood app. Last time I got a payment back of 1.06 in dividend ‘free’ money - the. I reinvest.&nbsp;<BR />just ideas that with four ideas that work for me.&nbsp;<BR />Kirk&nbsp;</P>
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<pubDate>Sat, 05 Oct 2019 12:33:04 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/859899#M900
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<dc:creator>K69ace</dc:creator>
<dc:date>2019-10-05T12:33:04Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/865984#M904
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<description>
<P><FONT size="2">I started a savings account through the company’s preferred bank I put30.00 in it</FONT></P><P><FONT size="2">monthly</FONT></P><P><FONT size="2">i never use it and into second year I have 600.00 for an emergency fund&nbsp;</FONT></P>
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<pubDate>Mon, 14 Oct 2019 22:43:24 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/865984#M904
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<dc:creator>Ivansnickers</dc:creator>
<dc:date>2019-10-14T22:43:24Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/950922#M911
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<description>
<P>With an 800+ credit score you could probably charge others for a tradeline.</P>
</description>
<pubDate>Tue, 05 Nov 2019 03:54:13 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/950922#M911
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<dc:creator>OfficerTooCool</dc:creator>
<dc:date>2019-11-05T03:54:13Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/951798#M912
</link>
<description>
<P>Good info in general<span class="lia-unicode-emoji" title=":thumbs_up:">👍</span></P><P>Just a few thoughts/hindsight from content I have gathered, in Podcasts/Books including (JL Collins/Ramit Sethi/Choose Fi/Dave Ramsey/The mad Fi-entist/The money guy show/Chris Hogan/John C. Bogle) Who all have fantastic and unique angles on personal finance/investing.</P><P>1.&nbsp;&nbsp; Save a Mini-Emergency Fund</P><P>Absolutely a cornerstone.Not one of the experts stated above will disagree.As Uncle Dave would put it "it keeps murphy from knocking on the door". It was also in my case, the spark/challenge for me to actually "save" and alter my professional spending lifestyle.I worked to play,and burn up every paycheck on the next venture.Believe me there were a lot of bogus things that I just couldn't live without!!</P><P>EMERGENCIES ONLY!! I know that your favorite band is important too and need some support..Draw the line in the sand...</P><P>During this time, I also took the plunge to add up my total debt/net worth..Yikes.Needless to say,I also added up how much I paid in interest on "dumb debt"..And a spark turned into a small flame.No more!</P><P>Step 1 is a fantastic time to see where your at, good or bad..gather up every bill/cost/debt/headache.Bring it out of the darkness and lay it out.GET A PLAN to escape..Don't be like me,and wait until its a code red emergency!<span class="lia-unicode-emoji" title=":sad_but_relieved_face:">😥</span></P><P>&nbsp;</P><P>2.&nbsp;&nbsp; Refinance Debt</P><P>Ehhh..Sure.True,putting a bunch of small bags of debt into one big bag of debt,makes you less prone to forget or lose a debt bag along the way...Again True, a lower interest rate takes off a little weight on the consolidated ruck sack of debt.Nonetheless, you still have a bag of debt on your back.I targeted the "heaviest" little bags I could find..and made sure those left my bag first.The biggest takeaway I got from all this..I'm tired of packing a bunch of bogus weight on my back!</P><P>Now here's where the line gets drawn in the sand with #2...</P><P>"After you refinance, keep making the same payments you were previously. Doing so will shorten how quickly you pay off your debt without forcing you to make any changes to your lifestyle."</P><P>If your big and strong and you like packing heavy things around..Fantastic..But as you grow older..Its not all that fun anymore.This is the key time to alter your spending lifestyle and really question/challenge what is essential or not.</P><P>&nbsp;</P><P>3.&nbsp;&nbsp; Focus on Saving</P><P>All great things here..Dave Ramsey is big on 15%. savings..The FIRE guys are big on "as much as you can" so you can retire early.JL collins is "keep it simple" Ramit the same..John Bogle has forever changed and has been a blessing for us "average joes" with index funds.But my problem was..I owed everyone and their dog money plus interest.How can I invest!!?? Well if I could have invested what I paid in interest over the years into a Roth IRA...Sure would have been nice..<span class="lia-unicode-emoji" title=":downcast_face_with_sweat:">😓</span>Quit paying banks! Pay them off first.If you have a 16% interest credit card..Pay it off.Its a guaranteed ROI of 16% on your hard earned after taxes dollars that year with no capitol gains.Think about that one<span class="lia-unicode-emoji" title=":thumbs_up:">👍</span> Get your people paid off before you jump in head over heels investing.However if you company has a vested match...DO NOT leave money on the table.Although i'm not 100% out of debt..I will do whatever it takes to leave no "free money" on table. 4. Create a Debt Payoff Plan</P><P>I feel like this should be step #1..A PLAN! You cannot build/create or really do much without a plan.With a basic financial plan..Spending/Cutting costs/extra income are no brainers.. The debt snowball/avalanche is just a preference on how you would like to attack debt and win one cut at a time. How do you eat an elephant? One bite at a time.This was also a fun time for me personally to listen to the various experts strategy's and decide what fit me best.</P><P>&nbsp;</P><P>I am by no means a finance expert nor am I giving financial advise.I just started paying attention to the mud hole I was about to slide in. Sparks turn into flame,that turn into a large fire.Take control of your future! YOU are in control of more then you think..It took me too long to figure this out! Good luck<span class="lia-unicode-emoji" title=":thumbs_up:">👍</span></P>
</description>
<pubDate>Thu, 07 Nov 2019 04:31:16 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/951798#M912
</guid>
<dc:creator>Hindsightistwenty20</dc:creator>
<dc:date>2019-11-07T04:31:16Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/952650#M913
</link>
<description>
<P>There are many opportunities to make a little (or sometimes a lot) while working from home. If you have a hobby, you might make things like candles, soap or woodwork to sell on Etsy. If not, there are other jobs like data entry or telemarketing that you can do while making your own hours. Not as fun but money is money. The opportunities are there if you look for them! Best of luck!&nbsp;</P>
</description>
<pubDate>Sat, 09 Nov 2019 01:44:56 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/952650#M913
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<dc:creator>Heartwing7</dc:creator>
<dc:date>2019-11-09T01:44:56Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/956794#M921
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<description>
<P><EM><STRONG>Great advice, thanks</STRONG></EM></P>
</description>
<pubDate>Thu, 21 Nov 2019 03:32:45 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/956794#M921
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<dc:creator>Sassysue417</dc:creator>
<dc:date>2019-11-21T03:32:45Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/957058#M922
</link>
<description>
<P>KristineS5 is correct. She is describing the Seven Baby Steps and this approach works. Not the Modified Baby Steps, not the Baby Steps with your own twist. Just like Dave Ramsey created them. It works. I went from negative net worth to millionaire in 9 years starting at the age of 52 using this method. Follow this path and you will prosper. <span class="lia-unicode-emoji" title=":thumbs_up:">👍</span></P>
</description>
<pubDate>Thu, 21 Nov 2019 22:20:41 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/957058#M922
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<dc:creator>Grand Dude</dc:creator>
<dc:date>2019-11-21T22:20:41Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/957059#M923
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<description>
<P>Sounds like you have had a tough time. I am sorry. How old are you guys?</P>
</description>
<pubDate>Thu, 21 Nov 2019 22:25:33 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/957059#M923
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<dc:creator>Grand Dude</dc:creator>
<dc:date>2019-11-21T22:25:33Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/958356#M926
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<description>
<P>I dont have an emergency fund. How do I budget one in with all my monthly expenses&nbsp;</P>
</description>
<pubDate>Tue, 26 Nov 2019 00:27:46 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/958356#M926
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<dc:creator>Petchioski</dc:creator>
<dc:date>2019-11-26T00:27:46Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/958359#M927
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<description><P>Great I'll follow your advice</P><P>&nbsp;</P></description>
<pubDate>Tue, 26 Nov 2019 00:29:16 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/958359#M927
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<dc:creator>Petchioski</dc:creator>
<dc:date>2019-11-26T00:29:16Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/958364#M928
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<description>
<P>You could try a loan also cut any unneeded expenses or spending then take that money and set it aside with the loan pay off your debt you owe keep the left over and pay your first payment and enjoy the rest</P>
</description>
<pubDate>Tue, 26 Nov 2019 00:36:17 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/958364#M928
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<dc:creator>Petchioski</dc:creator>
<dc:date>2019-11-26T00:36:17Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/966871#M939
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<description>
<P>Fabulous article, because it offers realistic advice. So many articles on this topic make you feel bad about yourself and offer suggestions that are highly impractical. This &nbsp; &nbsp;piece reads like real-world advice from a non-judge mental friend. Thank you!&nbsp;</P>
</description>
<pubDate>Wed, 18 Dec 2019 13:55:17 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/966871#M939
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<dc:creator>ELLSKIES</dc:creator>
<dc:date>2019-12-18T13:55:17Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/967233#M940
</link>
<description>
<P>This is all great info. I do something similar but my savings for retirement and my emergency fun are one. I have 2000$ a month in bills, so when I get paid weekly, I apply whatever is needed that week to get my bill money back to 2000 and I put the rest in savings. Works really well for me. As for paying down cards I wish I could consolidate to lower interest but I am sort of stuck with them for the time being. So I pay off cards in the order of the lowest balance. Making double payments to those and paying the minimum + 15 to the rest. I have a little ways to go but baby steps are getting me there.</P>
</description>
<pubDate>Thu, 19 Dec 2019 01:57:57 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/967233#M940
</guid>
<dc:creator>Romeyrome</dc:creator>
<dc:date>2019-12-19T01:57:57Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/967483#M941
</link>
<description>
<P>The reason so many people live paycheck to paycheck is because we typically adjust our spending to our income.&nbsp; Make a little more - eat out a little more, get the better cable tv plan, a little nicer phone, a little nicer apartment, a little nicer car, whatever. Income is just like a house...no matter how big it is, we expand to fill it. Just a thought as I read some of the replies.&nbsp;</P>
</description>
<pubDate>Thu, 19 Dec 2019 19:42:08 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/967483#M941
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<dc:creator>Milej66</dc:creator>
<dc:date>2019-12-19T19:42:08Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/967700#M942
</link>
<description><P>So true!&nbsp;</P></description>
<pubDate>Fri, 20 Dec 2019 02:39:20 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/967700#M942
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<dc:creator>ELLSKIES</dc:creator>
<dc:date>2019-12-20T02:39:20Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/968365#M943
</link>
<description>
<P>Well I am 62.00 still working have Five more year for retirement still top shape what should I do I feel sorry might last be up to 90 I started save 4 month ago. Do help my children with large mount what advice do plan I should prioritize&nbsp;</P>
</description>
<pubDate>Sat, 21 Dec 2019 23:53:28 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/968365#M943
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<dc:creator>Normachavira</dc:creator>
<dc:date>2019-12-21T23:53:28Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/971503#M946
</link>
<description>
<P>&nbsp;I'm currently using Freedom Debt Relief for my credit cards.&nbsp;</P>
</description>
<pubDate>Tue, 31 Dec 2019 06:44:40 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/971503#M946
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<dc:creator>Dwarf797</dc:creator>
<dc:date>2019-12-31T06:44:40Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/979068#M947
</link>
<description>
<P>If I can make more money in the market than I'm paying as an interest rate on a loan (i.e., mortgage or car), isn't that a better use of the money than keeping money out of the market to pay off the debts?</P>
</description>
<pubDate>Fri, 10 Jan 2020 20:33:22 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/979068#M947
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<dc:creator>mk617</dc:creator>
<dc:date>2020-01-10T20:33:22Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/988748#M954
</link>
<description>
<P>yes I had to do the same many years ago.</P><P>MMI, (Money Management International).</P><P>They are the real thing, not scammers.&nbsp; They charge a very small fee.&nbsp; They will negotiate with debtors and you will never hear from them again and just pay your monthly bill to MMI and they distribute.</P><P>Good luck!&nbsp; You can do it!</P>
</description>
<pubDate>Sat, 18 Jan 2020 00:49:56 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/988748#M954
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<dc:creator>Fasci</dc:creator>
<dc:date>2020-01-18T00:49:56Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/988753#M955
</link>
<description>
<P>Take care of yourself.&nbsp; your kids are old enough to take care of themselves&nbsp;</P>
</description>
<pubDate>Sat, 18 Jan 2020 00:52:28 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/988753#M955
</guid>
<dc:creator>Fasci</dc:creator>
<dc:date>2020-01-18T00:52:28Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1032456#M973
</link>
<description>
<P><LI-USER uid="630616"></LI-USER>&nbsp; &nbsp;In order to save $1000 emergency fund, you will need to look at your expenses and determine what money can be used to fund an emergency fund.</P><P>&nbsp;</P><P>For instance - if you are eating out that money could be set aside in your emergency fund. Make ONLY minimum payments on your debt, funnel all other money into the emergency fund.</P><P>&nbsp;</P><P>What can you sell to make extra money? Some of my clients sell plasma twice a week. Others change their cell phone plan to save money and fund this emergency fund. Pick up an extra part-time job to bring in extra money. Are you crafty or can you offer a service to earn add'l money?&nbsp;</P><P>&nbsp;</P><P>Those are just a few possibilities to fund this.&nbsp;&nbsp;</P><P>&nbsp;</P><P>Need help with your finances? Contact me at <A href="http://www.advocatefinancialcoaching.com.&nbsp;" target="_blank">www.advocatefinancialcoaching.com.&nbsp;</A></P>
</description>
<pubDate>Tue, 28 Jan 2020 21:07:11 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1032456#M973
</guid>
<dc:creator>KStevenson</dc:creator>
<dc:date>2020-01-28T21:07:11Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1032654#M974
</link>
<description>
<P><LI-USER uid="726230"></LI-USER>&nbsp; if you are making money in the (stock) market, when you access this money to pay down debt this will cause a tax liability, probably. Which means you will be paying tax on this money (again) and to pay down debt this way is not optimal.&nbsp; I would advise leaving your invested money alone and not invest anymore (if you are) and use it instead to pay off debt.</P><P>&nbsp;</P><P>It is preferable to increase income or cut expenses in order to pay off debt.</P>
</description>
<pubDate>Tue, 28 Jan 2020 21:28:45 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1032654#M974
</guid>
<dc:creator>KStevenson</dc:creator>
<dc:date>2020-01-28T21:28:45Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1045757#M979
</link>
<description>
<P>I know how you feel...I am pretty much bin the same boat. However if you can deposit $20 a week straight from you paycheck into a Christmas club account you will have $1040 after a full 52 weeks of deposits. I do this now and never miss the money for my other bills. I get this given back to me in October, take $300 out to give to my grown kids for Christmas, and redeposit the rest back into the club account so I cannot touch it. After just 2 years of this I have $1400 saved.</P>
</description>
<pubDate>Thu, 30 Jan 2020 18:53:33 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1045757#M979
</guid>
<dc:creator>Cadman69</dc:creator>
<dc:date>2020-01-30T18:53:33Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1045777#M980
</link>
<description>
<P>As my name implies; you may have missed the boat depending on your actual age. Many people don't properly prepare for retirement prior to making the decision to retire. The first thing to review are your spending habits. I find most people have not done a thorough job of this. Too much indiscretion in spending on non essentials can become detrimental to your goals. Some of the time it means going back into the work force, like it or not. You've indicated a lack of concern for your future by your actions throughout your life and now seek to fix it without making changes. 85% (statistically) of the people living in this country (USA) are making the same mistake you've made. You also indicate your debt is to others, (family, friends?) whom have worked hard to prepare. You need to consider getting gainful employment and paying with your own hard earned money. Traveling across this great nation I see first hand many your age, and older, who are still contributing to the betterment of their communities through their work. Even if you choose something part time to help you build your emergency fund and pay off the debt you would be making progress toward a self sustaining way of life. CUT UP THE CREDIT CARDS. Nothing more to be said on that subject. You stated "...we wish to save for some pleasurable things...". You already did the pleasurable things, Alison. Its time to 'cull the herd' so to speak. The not so pleasurable things will be knocking on your door and that's what your focus should've been on. Your "contract" is only as good, only as long, as your next breath. I pray for your good health. &nbsp; &nbsp;</P>
</description>
<pubDate>Thu, 30 Jan 2020 18:56:53 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1045777#M980
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<dc:creator>Hard Truths</dc:creator>
<dc:date>2020-01-30T18:56:53Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1048638#M981
</link>
<description>
<P>read total money makeover. follow Dave Ramsey Baby Steps.&nbsp; Go through financial peace university.</P><P>live like no one else so you can live like no one else</P>
</description>
<pubDate>Fri, 31 Jan 2020 00:30:34 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1048638#M981
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<dc:creator>debtfreelife</dc:creator>
<dc:date>2020-01-31T00:30:34Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1050486#M983
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<description>
<P>What is a money market account? And I pay next months interest with my payments!</P>
</description>
<pubDate>Fri, 31 Jan 2020 04:46:07 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1050486#M983
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<dc:creator>Melagin01</dc:creator>
<dc:date>2020-01-31T04:46:07Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1051174#M986
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<description>
<P>I want to save at least 10% of my monthly income for emergency funds, but sometimes it is difficult when my hours are cut... What can I do in these cases?</P>
</description>
<pubDate>Fri, 31 Jan 2020 11:46:47 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1051174#M986
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<dc:creator>dstrong616</dc:creator>
<dc:date>2020-01-31T11:46:47Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1051250#M987
</link>
<description>
<P>The emergency fund is just that. Build it at your pace. 10% is a guide to Savings and should be the top priority. Always pay yourself first because nobody will ever take as good care of you as you will. After that comes debt. If you have multiple accounts of debt you should try to consolidate for 0% interest but don’t keep creating more debt when you achieve it. By consolidating you may lower your total payout. CUT UP THE CREDIT CARDS! Keep one for serious emergencies until you have your emergency fund which should have enough money to cover 6 months of expenses. Remember prioritize, focus, commitment. This will get you there.</P>
</description>
<pubDate>Fri, 31 Jan 2020 12:34:06 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1051250#M987
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<dc:creator>Hard Truths</dc:creator>
<dc:date>2020-01-31T12:34:06Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1051419#M988
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<description>
<P><LI-USER uid="944799"></LI-USER>&nbsp; A money market account is like a checking account that earns a little bit of interest. It is typically associated with an investment account that has mutual funds, for instance.&nbsp; It is considered 'liquid cash' and readily available for use. Any brokerage firm has one - Charles Schwab, Vanguard, Fidelity, Merrill Lynch, etc.&nbsp;</P><P>&nbsp;</P><P>&nbsp;</P>
</description>
<pubDate>Fri, 31 Jan 2020 13:31:02 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1051419#M988
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<dc:creator>KStevenson</dc:creator>
<dc:date>2020-01-31T13:31:02Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1052482#M990
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<description>
<P><LI-USER uid="947306"></LI-USER>&nbsp; Yes - this can be tricky when hours are cut and you have some choices to make. If you are not already doing so, cut your expenses. This would mean no dining out for instance. Check how much you are spending on groceries. There is A LOT of control in a grocery budget. Conversely, can you pick up a second part-time job?&nbsp; Bring in add'l income. Here&nbsp;@ TT/Intuit we are offered a lot of OT. That would bring in more income for sure and probably more than a second part-time job.&nbsp; &nbsp;In the end, you really have to have a strong 'why'.&nbsp; How important of a priority is it for you to save 10% each paycheck/month? Remember this and klet it drive your behavior choices on how you are spending/saving money.&nbsp; It just might keep you from grabbing a $5 Little Caesars pizza, Subway sandwich, or S*bucks latte.&nbsp;&nbsp;</P>
</description>
<pubDate>Fri, 31 Jan 2020 16:59:04 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1052482#M990
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<dc:creator>KStevenson</dc:creator>
<dc:date>2020-01-31T16:59:04Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1063919#M992
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<description><P><STRONG>ok</STRONG></P></description>
<pubDate>Sun, 02 Feb 2020 01:09:38 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1063919#M992
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<dc:creator>Imaximo</dc:creator>
<dc:date>2020-02-02T01:09:38Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1065724#M993
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<description>
<P>Being a single mom for years, it was always difficult to afford childcare, in order to go out and get a second job. &nbsp;I work a full time job and have always paid off debt at tax time, but I’ve always had a hard time saving throughout the year. &nbsp;I recently started donating plasma, which in turn earns me an average of $4,500 a year, and does not have to be listed on your taxes. &nbsp;It’s considered by the government to be exempt from that. &nbsp;It saves me money, and it saves lives! &nbsp;Plasma cannot be manufactured, therefore it’s crucial for people to donate to help people with autoimmune diseases, meaning people who’s bodies don’t make plasma themselves. &nbsp; It’s literally 2 hours out of my week, and it’s been my financial life saver. &nbsp;Also, knowing that you are helping to save lives is so valuable!!!</P>
</description>
<pubDate>Sun, 02 Feb 2020 12:33:06 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1065724#M993
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<dc:creator>Livlafluv</dc:creator>
<dc:date>2020-02-02T12:33:06Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1082141#M996
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<description><P>I don't have a emergency fund.</P></description>
<pubDate>Tue, 04 Feb 2020 16:38:00 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1082141#M996
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<dc:creator>Jesus123456789</dc:creator>
<dc:date>2020-02-04T16:38:00Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112025#M1004
</link>
<description>
<P>I own my home and car I only have a small percent in cr. Card and on one no interest for the next 16 months or more.&nbsp; I have a few ira accounts with easy access one account is 3 miles from my home all I need to do is sign my name and walout the door. Also several thousand in a checking with interest checking&nbsp; &nbsp;I feel I am fairly well set&nbsp;</P>
</description>
<pubDate>Sat, 08 Feb 2020 12:52:52 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112025#M1004
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<dc:creator>Barb52</dc:creator>
<dc:date>2020-02-08T12:52:52Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112069#M1005
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<description>
<P>Check out Dave Ramsey's baby steps strategy. It worked miracles for us!</P>
</description>
<pubDate>Sat, 08 Feb 2020 13:09:50 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112069#M1005
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<dc:creator>primend</dc:creator>
<dc:date>2020-02-08T13:09:50Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112084#M1006
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<description>
<P><SPAN>"The general rule of thumb is that you should put between 10-15% of your income towards retirement. While some people advocate for focusing all your efforts on debt payoff, putting money toward retirement now can save you money later."</SPAN></P><P>&nbsp;</P><P><SPAN>We follow Dave Ramsey's approach because the issue is that most people can't squeeze 10-15% of their income to invest because all their $ is going out in monthly payments. Focusing on paying off debt first frees up the funds to actually be able to invest. Stopping all saving (except for the initial $1000 emergency) in order to pay off debt first is only a problem if you plan on taking many years to pay off that debt. But the idea is that you reduce your expenses to a minimum and quickly tackle all your non-mortgage debt.&nbsp;</SPAN></P>
</description>
<pubDate>Sat, 08 Feb 2020 13:15:43 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112084#M1006
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<dc:creator>primend</dc:creator>
<dc:date>2020-02-08T13:15:43Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112144#M1008
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<description>
<P><LI-USER uid="1124235"></LI-USER>&nbsp; Exactly! The Baby Steps have helped thousands of families and individuals. It is what I guide all my clients through and have practiced myself. My husband and I entered baby step 7 in September 2018.</P>
</description>
<pubDate>Sat, 08 Feb 2020 13:36:39 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112144#M1008
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<dc:creator>KStevenson</dc:creator>
<dc:date>2020-02-08T13:36:39Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112150#M1009
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<description>
<P><LI-USER uid="1037039"></LI-USER>&nbsp; - It is never to late to start an emergency fund. You can start small, even with 5% of your monthly take home pay. The key is to begin!&nbsp; You can do it.&nbsp;</P>
</description>
<pubDate>Sat, 08 Feb 2020 13:39:13 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112150#M1009
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<dc:creator>KStevenson</dc:creator>
<dc:date>2020-02-08T13:39:13Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112159#M1010
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<description>
<P><LI-USER uid="1124080"></LI-USER>&nbsp; &nbsp;Congrats on owning your home and car!! Fantastic!! Keep putting money away towards retirement and I would encourage you to go a step or two further and cut-up that credit card. <span class="lia-unicode-emoji" title=":winking_face:">😉</span>&nbsp; If you do not already have 3 - 6 months of cash set aside for your expenses, build that up.&nbsp;</P>
</description>
<pubDate>Sat, 08 Feb 2020 13:41:50 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112159#M1010
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<dc:creator>KStevenson</dc:creator>
<dc:date>2020-02-08T13:41:50Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112160#M1011
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<description>
<P>Congratulations! That's amazing! My husband and I completed baby step 2 this past October. We paid off 130K (my undergrad &amp; grad student loans) in 3 years. God willing we'll be done with step 3 by the end of March <span class="lia-unicode-emoji" title=":slightly_smiling_face:">🙂</span>&nbsp;</P>
</description>
<pubDate>Sat, 08 Feb 2020 13:42:19 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1112160#M1011
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<dc:creator>primend</dc:creator>
<dc:date>2020-02-08T13:42:19Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1115009#M1012
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<description/>
<pubDate>Sat, 08 Feb 2020 21:38:46 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1115009#M1012
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<dc:creator>Hard Truths</dc:creator>
<dc:date>2020-02-08T21:38:46Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1115111#M1013
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<description>
<P>Hi Barb52. It sounds like you have a good plan underway. You didn’t claim to be employed in any fashion. But let’s cover the basic fundamentals in case you are employed. Always pay yourself first. Some advisers indicate 15%. I believe 10% is the minimum. Nobody will take as good care of you as you will. This is for all working age groups. If you are older you may need to evaluate exactly where you are currently with your plan. Second your debt is beyond great having accomplished your dwelling and auto payoff. Third thing is to evaluate your expenses for the next 6 months and up to a year. Having your emergency fund is essential to the completion of fundamental rules. Congratulations!</P>
</description>
<pubDate>Sat, 08 Feb 2020 21:52:41 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1115111#M1013
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<dc:creator>Hard Truths</dc:creator>
<dc:date>2020-02-08T21:52:41Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1115209#M1014
</link>
<description>
<P>I, too, listened to Dave Ramsey for many years. He has a staff, building, etc. to pay for. He also has books to sell. If someone is having difficulty financially they most likely can’t afford the books.</P>
</description>
<pubDate>Sat, 08 Feb 2020 22:04:39 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1115209#M1014
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<dc:creator>Hard Truths</dc:creator>
<dc:date>2020-02-08T22:04:39Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1117923#M1016
</link>
<description>
<P>I know, right. It sounds so IMPOSSIBLE. But really, it literally just starts with a change jar or a $50 savings account start-up. if it sits without anything added to it for some time, no worries. if you add some change when you break a dollar, cool. If you deposit or transfer $5 or $10 when you pay your bills or deposit your check great. The point is to establish a pattern or habit of paying yourself first.&nbsp;</P><P>That's a concept that took me far too long to understand. Don't do what I did and wait till you are 40 to start thinking&nbsp;seriously about your future. As your baby nest egg grows, you will find more ways to add to the value of your time and future. you are worth it. Don't sell yourself out. LIVE LONG AND PROSPER, CHILD!</P>
</description>
<pubDate>Sun, 09 Feb 2020 12:58:19 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1117923#M1016
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<dc:creator>wisernow</dc:creator>
<dc:date>2020-02-09T12:58:19Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1117952#M1017
</link>
<description>
<P>There’s no need to buy anything from Dave Ramsey to learn the steps. It’s all online for free with a simple search on YouTube. Plus his daily show’s podcast/videos are great motivation to anyone seriously trying to get out of debt and save. What I appreciate about his strategy is the sense of urgency. In most cases the main issue is not just an income issue but mainly behavior issue. His strategy and his answers to callers on the show helps &amp; motivates us to change our attitude and behavior regarding our finances.</P>
</description>
<pubDate>Sun, 09 Feb 2020 13:13:47 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1117952#M1017
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<dc:creator>primend</dc:creator>
<dc:date>2020-02-09T13:13:47Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1158378#M1029
</link>
<description><P>I'm filing my taxes.</P><P>&nbsp;</P></description>
<pubDate>Sat, 15 Feb 2020 13:55:59 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1158378#M1029
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<dc:creator>zukecrudh</dc:creator>
<dc:date>2020-02-15T13:55:59Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1168869#M1035
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<description>
<P>I actually do know of a good one. I’m using them now and the fees are reasonable. They’re called Lutheran Social Services and can be reached at&nbsp;[phone number removed]. You’ll have to see if they’re available in your state, however. Also <A href="https://go.asktrim.com/savings" target="_blank">Trim&nbsp;</A>has a debt negotiation program with a fee starting at $10/month I believe.&nbsp;<BR /><BR /></P><P>I hope this helps and good luck! <span class="lia-unicode-emoji" title=":thumbs_up:">👍🏽</span><span class="lia-unicode-emoji" title=":thumbs_up:">👍🏽</span></P>
</description>
<pubDate>Mon, 17 Feb 2020 02:49:11 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1168869#M1035
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<dc:creator>Unicorn82</dc:creator>
<dc:date>2020-02-17T02:49:11Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1169861#M1036
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<description>
<P>Hello <LI-USER uid="349640" login="Ole"></LI-USER>,<BR />Those $5 bills that we occasionally come upon get put in a jar to pay for laundry. The communal machines in our building require increments of $5. So we like to have $5 and $10 bills available for that purpose. Beyond that, we are just about flush each month.&nbsp;<BR /><BR />I will say that on our own behalf, we have been able to almost pay off a smartTV on a special offer of 6 monthly payments without interest. The only debts we have are friendly ones from people who accept $25/month to keep us in good standing.<BR /><BR />We also just cut back to 'Broadcast Basic' on our cable TV service to save about $80/month. There are so many streaming shows for both education and entertainment that we do not miss all the bloody, gorry, gratuitously violent shows we no longer access. I highly recommend this as a way to save money for whatever your priority is.<BR /><BR /></P>
</description>
<pubDate>Mon, 17 Feb 2020 12:05:05 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1169861#M1036
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<dc:creator>Alison</dc:creator>
<dc:date>2020-02-17T12:05:05Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1169901#M1037
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<description>
<P>Hi&nbsp;<LI-USER uid="351141"></LI-USER>&nbsp;<BR />Thanks for all your suggestions. We are retired and do not have active income to increase. BUT I have been able to devise a number of passive income or expense reduction techniques. I want to share them with the group.<BR />• I have been using cash reward credit cards responsibly and profitably. This means that I have opened and received Welcome Bonuses to the tune of $100 to $200 dollars EACH. We have good credit scores in the 800's so companies have welcomed us. In addition, we receive cash rewards regularly.<BR />• We have a budget and do our best to stick to it. I have a bookkeeping checks and balances system that includes three elements: my checkbook and online bank account, a manual monthly spreadsheet system, a digital monthly bookkeeping system.&nbsp;<BR />• We just cut our Cable TV to their 'Broadcast Basic' cheapest package. We will be saving almost $80/month.&nbsp;<BR />We were able to purchase a new Smart TV interest-free&nbsp;with 4 of 6 monthly payments already made. In addition, the educational documentaries and entertainment shows, series, and movies are far superior to what our Cable company offered.&nbsp;<BR />• I review my bookkeeping daily to make sure I am on budget.<BR />• Last but not least, I write about everything I have learned to share with others. My blog posts can be found at&nbsp;<A title="My Blog" href="https://alisondgilbert.com/alison-d-gilbert-blog/" target="_blank" rel="noopener">The Alison D. Gilbert Blog</A>. I have also written <A title="From Middle Class to One Day from Homeless (and How we have survived for 10 years since then)" href="https://alisondgilbert.com/2019/11/21st-century-coupon-cutting/writing-4-ebooks/" target="_blank" rel="noopener">four eBooks</A>&nbsp;about how we have survived for the last 10 years going from Middle Class to One Day from Homeless.&nbsp;<BR />• Our entire mission has been to survive, to find meaning in life beyond materialism and to share our experience and successes with others so that they may benefit as well.</P>
</description>
<pubDate>Mon, 17 Feb 2020 12:27:35 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1169901#M1037
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<dc:creator>Alison</dc:creator>
<dc:date>2020-02-17T12:27:35Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1173368#M1038
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<description>
<P><LI-USER uid="61735"></LI-USER>&nbsp;"<SPAN>Our entire mission has been to survive, to find meaning in life beyond materialism and to share our experience and successes with others so that they may benefit as well."&nbsp; &nbsp;&nbsp;</SPAN></P><P>&nbsp;</P><P><SPAN>Love this. Thank you for sharing what has worked for you and to help inspire others!</SPAN></P><P>&nbsp;</P><P>&nbsp;</P>
</description>
<pubDate>Mon, 17 Feb 2020 20:43:42 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1173368#M1038
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<dc:creator>KStevenson</dc:creator>
<dc:date>2020-02-17T20:43:42Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1177223#M1040
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<description>
<P><LI-USER uid="806082"></LI-USER>&nbsp; Thanks so much for your thumbs up. Please feel free to check out my writing on other venues. I go into great detail about all of this.</P>
</description>
<pubDate>Tue, 18 Feb 2020 11:54:51 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1177223#M1040
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<dc:creator>Alison</dc:creator>
<dc:date>2020-02-18T11:54:51Z</dc:date>
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<title>
Re: Your question regarding a Debt Consolidation Company
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-your-question-regarding-a-debt-consolidation-company/01/1184311#M1041
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<description>
<UL><LI>I don't know what state you live in, nor do I know if it matters but a friend of mine had about $6,000-$10,000 in debt. She lost her job and fell behind in her payments. She needed about $400bamonth to pay on that debt which didn't include her Mortgage, Car payment, utilities or groceries.&nbsp;</LI><LI>She went through a company called Lexington Law here in Michigan. They were able to consolidate her debts, stop all interest and only paid $100 a month. I will be looking into it myself coming up here soon. Regardless of where you live, it can't hurt for you to Google it and give them a call. If they can't help you, maybe they can recommend someone who can. Good Luck!</LI></UL>
</description>
<pubDate>Wed, 19 Feb 2020 04:34:25 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-your-question-regarding-a-debt-consolidation-company/01/1184311#M1041
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<dc:creator>Shermy05</dc:creator>
<dc:date>2020-02-19T04:34:25Z</dc:date>
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<title>
Re: Your question regarding a Debt Consolidation Company
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-your-question-regarding-a-debt-consolidation-company/01/1185473#M1042
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<description>
<P><LI-USER uid="1319292"></LI-USER>&nbsp; &nbsp;I would urge caution on using a debt consolidation company.&nbsp; First, a debt consolidation company is not applying all the money paid to them to the debt itself. I'll use your example below of the $100 payment. Please bare in mind I am making up numbers to illustrate a point.&nbsp; <STRONG>** Please also realize there is nothing a debt consolidation company can do that you cannot do for yourself. **&nbsp;</STRONG> You too can negotiate, although it may be intimidating, you can do it!&nbsp;&nbsp;</P><P>&nbsp;</P><P>This company negotiated a $100 per month payment for their client to send them. This same company has negotiated perhaps only $75 total payment due to debtors, pocketing $25 of your hard earned money in their pocket. That is generally how debt consolidation works. So the $100 you thought was going towards debt is really only $75, prolonging everything. Something to think about.&nbsp; I have helped any number of my clients negotiate with their debtors.&nbsp; We literally have a 3-way conversation.&nbsp;</P><P>&nbsp;</P><P>In my experience people generally feel a short-term sense of relief getting the debtors off their backs and stopping those collections calls. But the deeper issue is to understand 'why' you end up in debt in the first place.&nbsp; Sometimes it is due to circumstance beyond our control (extreme medical crisis), but in most cases it has to do with living beyond our means, and not making wise choices with our money.&nbsp; &lt;-- been there, done that - which helped me change my life and become debt free in all things, and saving for the future. <span class="lia-unicode-emoji" title=":slightly_smiling_face:">🙂</span></P><P>&nbsp;</P><P>Need help with your finances? Contact me at&nbsp;<A href="http://www.advocatefinancialcoaching.com" target="_blank" rel="noopener">here.</A>&nbsp;</P>
</description>
<pubDate>Wed, 19 Feb 2020 13:59:49 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-your-question-regarding-a-debt-consolidation-company/01/1185473#M1042
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<dc:creator>KStevenson</dc:creator>
<dc:date>2020-02-19T13:59:49Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1185481#M1043
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<description>
<P><LI-USER uid="61735"></LI-USER>&nbsp;- will do! Always interested in learning about other people's experiences. <span class="lia-unicode-emoji" title=":slightly_smiling_face:">🙂</span></P>
</description>
<pubDate>Wed, 19 Feb 2020 14:01:27 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1185481#M1043
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<dc:creator>KStevenson</dc:creator>
<dc:date>2020-02-19T14:01:27Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1185729#M1044
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<description>
<P>Thanks <LI-USER uid="806082"></LI-USER>,<BR />Your feedback means a lot to me. My husband and I have worked very hard to research, experiment with, document and share the tools we have devised these last ten years as part of our SUCCESSFUL FINANCIAL SURVIVAL KIT. Our ultimate goals are to continue to survive ourselves and to share how we have done it with others in need.<BR /><BR />Sincerely,<BR />Alison D. Gilbert,&nbsp;<A href="https://www.facebook.com/SavvySavingSurvivalist/" target="_blank">https://www.facebook.com/SavvySavingSurvivalist/</A><BR />@Alison</P>
</description>
<pubDate>Wed, 19 Feb 2020 14:53:17 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1185729#M1044
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<dc:creator>Alison</dc:creator>
<dc:date>2020-02-19T14:53:17Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1214378#M1046
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<description>
<P>I suggest paying yourself first! When I first started budgeting, I created an online savings account that was at a separate bank from my checking/credit card. I put an automatic direct deposit in and never really saw the money because I was typically concerned with my checking/credit card bank. Eventually, I started increasing the amount I would save ($10 to $15 to $20...).</P><P>When an emergency did come up I had the amount saved up and I didn't have to change my budget that much!</P><P>&nbsp;</P><P>&nbsp;</P>
</description>
<pubDate>Sun, 23 Feb 2020 17:56:52 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1214378#M1046
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<dc:creator>reynoldscf95</dc:creator>
<dc:date>2020-02-23T17:56:52Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1230167#M1055
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<description>
<P>USED MY EMERGENCY FUND TO PAY MY DENTAL BILL,NOW I HAVE TO START OVER</P>
</description>
<pubDate>Tue, 25 Feb 2020 21:52:08 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1230167#M1055
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<dc:creator>cassro0319</dc:creator>
<dc:date>2020-02-25T21:52:08Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1230199#M1056
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<description>
<P><LI-USER uid="255044"></LI-USER>&nbsp; - wow !! Sorry to hear, but thank goodness you had this in place making your emergency inconvenient (miserably so sounds like), but not a financial crisis causing you to reach for a credit card.&nbsp; This is really a great example of the precise reason this fund is SOOOO incredibly important.&nbsp; I'd like to share this elsewhere if that's ok?&nbsp; I'll keep you anonymous.&nbsp;</P><P>&nbsp;</P><P>Thank you for sharing!</P>
</description>
<pubDate>Tue, 25 Feb 2020 21:56:53 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1230199#M1056
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<dc:creator>KStevenson</dc:creator>
<dc:date>2020-02-25T21:56:53Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1231607#M1057
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<description><P>YouNo thank&nbsp;</P></description>
<pubDate>Wed, 26 Feb 2020 01:00:47 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1231607#M1057
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<dc:creator>Mviscaina</dc:creator>
<dc:date>2020-02-26T01:00:47Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1231616#M1058
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<description><P>No thank you&nbsp;</P></description>
<pubDate>Wed, 26 Feb 2020 01:02:23 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1231616#M1058
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<dc:creator>Mviscaina</dc:creator>
<dc:date>2020-02-26T01:02:23Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1239097#M1061
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<description>
<P>You have experience regarding the importance and impact the emergency fund role plays in your life. Your attitude toward making mature decisions about your own life and future are paramount to your successes. Not only did you get your emergency handled but you also created a plan that reduced your stress in what could’ve been a very stressful situation. A virtual hug just for you!! Let’s focus, once again, on your future and rebuild that e-coverage. Congratulations! I would be interested in your method or system you use to recover your e-fund.</P>
</description>
<pubDate>Wed, 26 Feb 2020 23:44:02 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1239097#M1061
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<dc:creator>Hard Truths</dc:creator>
<dc:date>2020-02-26T23:44:02Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1240672#M1062
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<description>
<P>My Fiancé and I have been able to put a lot back and it does make a huge difference, every chance we get we put back or pay off more debt.&nbsp;<BR />And we still have plenty of money to play with.&nbsp;</P>
</description>
<pubDate>Thu, 27 Feb 2020 03:28:17 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1240672#M1062
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<dc:creator>MsMonroe1973</dc:creator>
<dc:date>2020-02-27T03:28:17Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1241887#M1064
</link>
<description>
<P><LI-USER uid="1453527"></LI-USER>&nbsp; - good job!&nbsp; I would encourage you to keep paying off your debt and equally important, before you get married, have money discussions about your future as a married couple. What goals would you like to accomplish? How will make your money continue to behave for you? Create a budge together. When you get married it's not so much your money or his money, but your together money. <span class="lia-unicode-emoji" title=":grinning_face_with_smiling_eyes:">😄</span>&nbsp; Keep some fun money built into your budget for each of you. Maybe agree to a dollar amount that if it's more than a $250 purchase we will agree to talk with each other first: do we need this or want this? is it further our financial goals? is this a good price? can we postpone buying or is this a good time to buy? etc.&nbsp;&nbsp;</P><P>&nbsp;</P><P>Congrats too on your future marriage!</P>
</description>
<pubDate>Thu, 27 Feb 2020 13:13:29 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1241887#M1064
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<dc:creator>KStevenson</dc:creator>
<dc:date>2020-02-27T13:13:29Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1242503#M1065
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<description>
<P>Congratulations on your future marriage! It’s always nice to read about a mature minded couple who are on the same page with life’s journeys. Maybe you would be kind enough to share with other readers in the community your financial planning strategy that has provided you with your current status. Sharing those steps you feel got you there can possibly help trigger someone else to follow in your wise footsteps. Enjoy the honeymoon!!</P>
</description>
<pubDate>Thu, 27 Feb 2020 15:28:37 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1242503#M1065
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<dc:creator>Hard Truths</dc:creator>
<dc:date>2020-02-27T15:28:37Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1248326#M1067
</link>
<description>
<P>I use an app called Qapital. It's what helps me save for an emergency fund. Super easy and basically does the work for you. Helps you create goals too! I think what i need to work on is consolidating my debt.. student loans and credit cards!</P>
</description>
<pubDate>Fri, 28 Feb 2020 18:45:10 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1248326#M1067
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<dc:creator>MEG817</dc:creator>
<dc:date>2020-02-28T18:45:10Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
</title>
<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1250402#M1068
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<description>
<P>KristineS5, you are AWESOME! It sounds like you took a Class!</P>
</description>
<pubDate>Sat, 29 Feb 2020 08:44:46 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1250402#M1068
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<dc:creator>5919Valva</dc:creator>
<dc:date>2020-02-29T08:44:46Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1278524#M1072
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<description>
<P><LI-USER uid="1478971"></LI-USER>&nbsp; Thanks!&nbsp; &nbsp;And yes.&nbsp; I went to the school of hard knocks!!!&nbsp; Took me several tries before I finally passed class.&nbsp; <STRONG>;D&nbsp;</STRONG> &nbsp;</P><P>&nbsp;</P><P>Now I help others out through this forum (and others), as well as through my work&nbsp;<A href="http://www.advocatefinancialcoaching.com" target="_self">here!</A>&nbsp;</P>
</description>
<pubDate>Thu, 05 Mar 2020 21:29:58 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1278524#M1072
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<dc:creator>KStevenson</dc:creator>
<dc:date>2020-03-05T21:29:58Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1309674#M1073
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<description>
<P>Yes it's better to keep money in the market if the interest rate is higher than your loan/mortgage rate. I'm retired and I thought about paying off our mortgage balance of&nbsp; 42K but the interest rate is only 2.75% vs the 4 - 8% interest I gain on my retirement savings. A financial adviser told me not to do it because I'll be losing the higher interest rate plus paying taxes on the withdrawal amount, will welcome any other suggestion or comment, thanks!</P>
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<pubDate>Thu, 12 Mar 2020 20:28:41 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1309674#M1073
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<dc:creator>3hummy</dc:creator>
<dc:date>2020-03-12T20:28:41Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1311547#M1074
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<P><LI-USER uid="1614704"></LI-USER>&nbsp; &nbsp;"<SPAN>&nbsp;it's better to keep money in the market if the interest rate is higher than your loan/mortgage rate."&nbsp; &nbsp; I don't think t</SPAN><SPAN>his is necessarily true.&nbsp;</SPAN></P><P>&nbsp;</P><P><SPAN>What is the value of a paid for house?&nbsp; </SPAN></P><P>&nbsp;</P><P><SPAN>This is an important question.&nbsp; The stock market is a risky proposition.&nbsp; It goes up and it goes down. When you own your house market volatility means nothing, generally speaking. Something to think about.&nbsp; <span class="lia-unicode-emoji" title=":slightly_smiling_face:">🙂</span></SPAN></P><P>&nbsp;</P><P>Having said that, there are several key pieces of information I would need to understand about your overall financial condition before making any sort or real suggestion.</P><P>&nbsp;</P><P>Your financial advisor is correct if he is saying you will pay tax on money you withdraw from investments and/or possibly from retirement such as an IRA or 401(k).</P><P>&nbsp;</P><P>Regardless, I would never advise anyone to take out money already IN retirement to pay off a mortgage. Not a good idea.&nbsp; A better idea might be to trim current expenses or dig deep into your budget and find a little extra money towards making an additional mortgage payment, maybe even just once a year.&nbsp; For instance, if you carved $50 from your budget each month and set that aside, after 12 months you could make an additional $600 payment towards your mortgage. Not bad.&nbsp;</P><P>&nbsp;</P><P>Thanks for posting.&nbsp; If you would like to connect with me further, you can find me&nbsp;<A href="http://www.advocatefinancialcoaching.com" target="_self">here.</A>&nbsp;</P>
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<pubDate>Fri, 13 Mar 2020 12:29:53 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1311547#M1074
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<dc:creator>KStevenson</dc:creator>
<dc:date>2020-03-13T12:29:53Z</dc:date>
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Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1321029#M1081
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<P>My CU is completely online. I put $5/wk in xmas fund, $5/wk in vacation fund for kid's bday, have $1000 in money market, and put $50/wk on VISA. The xmas &amp; bday adds up just right, and I never miss it. Had I other credit cards, I would pay off the highest interest rate.</P>
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<pubDate>Sun, 15 Mar 2020 22:06:59 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1321029#M1081
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<dc:creator>Greywethr</dc:creator>
<dc:date>2020-03-15T22:06:59Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1340922#M1086
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<P>this is no good for seniors not at all some one from 25 to mid 30's will benefit from this suggestion</P>
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<pubDate>Fri, 20 Mar 2020 19:26:16 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1340922#M1086
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<dc:creator>orionskies1919</dc:creator>
<dc:date>2020-03-20T19:26:16Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1347926#M1092
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<P>I pray this doesn't come across as harsh, yet sounds like you all do not need to be retired!&nbsp; Retirement is a time in your lives where you should not be living paycheck to paycheck, and your debts are paid off and you are comfortably able to pay your remaining monthly living expenses (utilities, groceries, gas, etc). You all may want to consider getting some type of income flows into the household....whether it be work from home gigs, couple hours a month at a local business in the neighborhood, something to bring in additional income.&nbsp;&nbsp;</P>
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<pubDate>Sun, 22 Mar 2020 18:54:20 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1347926#M1092
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<dc:creator>tiffanyfreeman</dc:creator>
<dc:date>2020-03-22T18:54:20Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1349739#M1093
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<P><LI-USER uid="1701839"></LI-USER>&nbsp;Did you read my post? I’m sure you were not referring to my message about being retired &amp; keeping my money in retirement fund vs taking some out to pay off my mortgage which is the only debt we have left. I’m living comfortably in retirement thank you. It’s &nbsp;because I was diligent in saving, spent my hard earned money wisely &amp; always pay off any credit card debt, using it only for rewards. I also know a little bit about financial management and prepared for retirement so was able to leave work&nbsp;a little earlier at 63. I do feel sorry for other retired seniors who have difficulty staying afloat &amp; have to go back to work to make ends meet.&nbsp;</P><P>&nbsp;</P><P>@KStevenson thanks for your response, I might take your offer &amp; contact you sometime.&nbsp;</P><P>&nbsp;</P>
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<pubDate>Mon, 23 Mar 2020 03:56:51 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1349739#M1093
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<dc:creator>3hummy</dc:creator>
<dc:date>2020-03-23T03:56:51Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1349773#M1094
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<P><LI-USER uid="1614704"></LI-USER>&nbsp;If what I said didnt apply to your situation, then I wasn't talking to you. Stay blessed!✌</P>
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<pubDate>Mon, 23 Mar 2020 04:22:12 GMT</pubDate>
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https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1349773#M1094
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<dc:creator>tiffanyfreeman</dc:creator>
<dc:date>2020-03-23T04:22:12Z</dc:date>
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<title>
Re: How To Prioritize Emergency Funds, Savings and Paying Off Debt
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<link>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1353898#M1096
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<P><LI-USER uid="1614704"></LI-USER>&nbsp;</P><P>&nbsp;</P><P>I am here when you are ready.&nbsp; Sent you a reply email with a link, but have not heard back from you at this point.&nbsp;&nbsp;</P>
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<pubDate>Tue, 24 Mar 2020 12:27:55 GMT</pubDate>
<guid>
https://ttlc.intuit.com/community/lower-your-debt/discussion/re-how-to-prioritize-emergency-funds-savings-and-paying-off-debt/01/1353898#M1096
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<dc:creator>KStevenson</dc:creator>
<dc:date>2020-03-24T12:27:55Z</dc:date>
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